The ruble-denominated MOEX Russia Index dipped 5.93 percent to 3,235.28 points, while the U.S. dollar-denominated RTS Index dropped 8.11 percent to 1,288.17 points, trading data showed.
Earlier on Monday, the North Atlantic Treaty Organization (NATO) said its allies "are putting forces on standby and sending additional ships and fighter jets to NATO deployments in Eastern Europe" to deter Russia.
Meanwhile, Russia is conducting large-scale drills in the Baltic Sea involving 20 warships and supporting vessels.
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