The Russian stock market has fallen by more than a quarter in the last three months.Alexander Avilov / Moskva News Agency

Russian markets came under more pressure on Tuesday, as fears of a possible military escalation over Ukraine continued to hit the ruble and share prices.

The Russian stock market was down 8% in dollar terms in afternoon trading in Moscow in the sharpest one-day fall for the market since March 2020. The slide compounds last week's steep losses following the failure of high-stakes talks between Moscow and the West to de-escalate the situation on Russia's border with Ukraine.