Russian stock indexes fell on Monday as the Ukraine crisis rapidly deteriorated, with the Kremlin dampening hopes for a summit between Russian leader Vladimir Putin and US President Joe Biden. 

The dollar-denominated RTS index was down 8.5 per cent at 1200 GMT, and has fallen nearly 19 per cent since the start of the year. 

The Russian currency also slid, with the US dollar being exchanged for 78 rubles and the euro for almost 89 rubles. 

Russian stock markets have taken several hits in recent months as investors assess the latest twists of the crisis.

Russian stock markets have taken several hits in recent months as investors assess the latest twists of the crisis

The Kremlin warned on Monday there were no concrete plans for a summit between the Russian and US leaders.The idea of a Putin-Biden meeting has been championed by France and cautiously welcomed by Ukraine as a way to avert a catastrophic war in Europe. 

Fighting between the Ukrainian army and pro-Russian separatists in eastern Ukraine has intensified in recent days. 

The US accuses Russia of massing up to 150,000 troops near Ukraine’s borders, saying Moscow is looking for a pretext to launch an attack on its pro-Western neighbour.