The Russian ruble fell on Tuesday to its weakest level against the euro since late May on relatively low crude oil prices and the prospect of lower export earnings due to a cap on Russian oil prices that took effect in May this year, Reuters reported.

As of 07:32 GMT (09:32 in Romania), the ruble had lost 0.9% to trade at 66.94 per euro, its lowest level since May 30.

It fell 0.8% against the dollar to 63.31 and lost 0.9% against the yuan to 9.07.

“The ruble has depreciated against all major competing currencies,” Otkrítye izlednostva said in a note to investors.

“The issue of sanctions continues to put pressure on the Russian currency.”

Russia’s economy and public finances are bearing the brunt of the European Union’s embargo on Russian oil exports and the $60-a-barrel cap imposed by the G7, the European Union and Australia.

Brent crude, the global benchmark for Russian exports, rose 1.8 percent to $79.4 a barrel after hitting its lowest level this year last week.

Investors are also watching the Bank of Russia, which is expected to keep its key interest rate at 7.5 percent on Friday as inflation continues to ease, and to gauge the possible economic impact of the oil price cap and embargo.