The Russian ruble fell to its lowest level against the dollar since May

The Russian ruble fell to its lowest level since early May, crossing 70 to the dollar on Wednesday, bringing its monthly losses to nearly 14 percent, amid fears of sanctions imposed on Russian oil and gas.

And by 0939 GMT, the ruble fell 2.5 percent against the dollar, recording 70.60, after touching 70.7550 earlier.

The Russian currency also fell 2.4 percent, recording 75.22 against the euro, surpassing the 75 level for the first time since late April. It also fell against the yuan, 2.1 percent, to 10.10, near its lowest level in seven months.

The ruble has already lost more than 8 percent this week against the dollar and about 12 percent since the price cap for Russian oil came into effect.