Moscow Exchange Index fell 10%, while Russia Trading System Index lost 12.6% early on Tuesday following the biggest slump in oil prices nearly in three decades.
Meanwhile, shares of Russia's major companies and banks are falling. As of early Tuesday, Rosneft shares are plunging by 12.2 percent, Gazprom shares are decreasing by 12.8 percent, Lukoil shares are seeing a 14 percent decrease, Nornikel shares are falling by 4.3 percent, and Alrosa shares are decreasing by 8.5 percent, while Sberbank shares are plunging by 13.1 percent, and VTB Bank shares are dropping by 11.7 percent.
OPEC has had production cutting pacts since 2016 with non-member allies led by Russia. The wider alliance, known as OPEC+, met in Vienna last Friday to discuss production cuts. After the talks, OPEC+ issued a statement saying it would continue consultations to stabilise the oil market, without mentioning any deeper cuts.