The dollar exchange rate has exceeded the 79 ruble mark for the first time since February 2016, according to the Moscow Exchange.
The euro has reached 85 rubles.
Earlier on Wednesday, the dollar jumped short-term to 79.22 rubles, the euro rose to 85.2 rubles, which is a 4-year high.
The price of oil lost 1.5% in the morning, dropping to $28.3 per barrel of Brent crude.
The Russian stock market indices on Wednesday have been taking a nosedive in line with the global trends, with RTS index going lower than 900 points.
By 10:30 a.m local time (07:30 GMT), RTS index has reached the 899.32 mark. Earlier in the day, it went down to 894.25, the lowest point since June 2016. Meanwhile, the Moscow Exchange Russia Index (MOEX) has decreased to 2,195.33 points as of 10:30 a.m (07:30 GMT).