Russian currency hits low of 70.7550 vs dollar
Oil embargo, price cap weighing on Russian assets
Rouble down 13.6 vs dollar in December
This content was produced in Russia where the law restricts coverage of Russian military operations in Ukraine

MOSCOW, Dec 21 Reuters The rouble plunged to its weakest level since early May past 70 against the dollar on Wednesday, taking its monthly losses to almost 14 as fears over sanctions on Russian oil and gas spooked the market.

By 0939 GMT, the rouble was down 2.5 against the dollar at 70.60 , after hitting 70.7550 earlier.

It had lost 2.4 to trade at 75.22 versus the euro , crossing the 75 threshold for the first time since late April. It had shed 2.1 against the yuan to 10.10 , a near sevenmonth low.

The rouble has already lost more than 8 this week against the dollar and around 12 since a cap on Russian oil prices came into force. It has now lost top spot as the world39;s bestperforming major currency this year to Brazil39;s real .

Armenia39;s dram and Georgia39;s lari are among the less liquid currencies to have strengthened sharply this year. Tens of thousands of Russians have fled to the likes of Armenia and Georgia since the conflict in Ukraine began.

The Russian currency has been supported by capital controls and an initial collapse in imports as a result of Western sanctions over Russia39;s actions in Ukraine this year.

FALLING REVENUES

The rouble has been catching up with the weakening of Russia39;s balance of…