Moscow - The Russian currency is on the way down after a top ratings agency cut Russia's credit rating to junk.
Standard & Poor's downgraded Russia's rating to BB-plus, a non-investment grade, for the first time since 2004, citing a slide in the ruble and weakening revenue from oil exports.
Russia's economy has been hit by the double impact of weaker energy prices as well as Western sanctions over its role in Ukraine.
The ruble was 1.2 percent lower in early trading on Tuesday while the MICEX benchmark was 0.3 percent higher. The ruble now costs half as much as a year ago.
The Russian economy is expected to contract by 4 to 5 percent this year for the first time since President Vladimir Putin took the helm in 2000.
Sapa-AP