In the trading uncertainty of the last week for 2022, the Russian currency ruble stole the spotlight with its sharp decline.
After losing about 8% against the dollar last week, the ruble continued to trade weaker around near 8-month lows.
The currency is also on track for a big monthly decline due to oil embargoes and price caps by Western countries.
The price cap agreed by the G7 countries, Australia and the European Union (EU) came into effect on December 5, capping the price at $60 a barrel for Russian oil.
Analysts say Western sanctions have contributed to the recent drop in energy prices, putting pressure on the ruble.
The ruble has experienced high volatility over the past two weeks and may experience a sharp turnaround amid smaller trading volumes ahead of the New Year holidays.
In response to the West's actions, President Vladimir Putin on Tuesday signed a decree banning the sale of crude oil and oil products from February 1 for five months to countries that support the price cap.
