Russia’s benchmark RTS index suffered its sharpest fall in its 13-year history on Monday as investor jitters intensified over global financial turmoil, falling oil and commodity prices and overleveraged oligarchs at home.

The dollar-denominated RTS closed 19.1 per cent down, while the rouble denominated Micex fell 18.7 per cent, in spite of brief trading suspensions on both exchanges in an attempt to minimise the steep falls. The central bank spent an estimated $5bn to prevent the rouble weakening beyond the 30.41 mark against the euro-dollar basket.