The Russia government will take measures if ruble continues to plunge against major foreign currencies, First Deputy Prime Minister Igor Shuvalov said on Monday.

"As for the development of ruble and the foreign exchange market, we had discussed the issues in detail at a government meeting chaired by the prime minister on Saturday and necessary instructions were given," Shuvalov told reporters on the sidelines of the Asia-Pacific Economic Cooperation (APEC) Meeting of Ministers Responsible for Trade in the central Russian city of Kazan.

"If the situation continues developing negatively, we have something to respond to it. We hope the time has not yet come for this," he added.

On Monday, ruble extended last week's losses in trading market, hitting three-year lows against U.S. dollar and the euro.

At 11:30 a.m. Moscow time (0730 GMT), ruble slid again to 33.99 rubles per dollar and 42.20 rubles per euro.

The official exchange rate set by the Central Bank for Tuesday even stood at 34.0395 rubles per dollar and 42.2464 rubles per euro.

Amid the Eurozone crisis and the falling oil price, analysts believe ruble remains under downward pressure.

Prime Minister Dmitry Medvedev on Saturday urged Russia's Central Bank to take action to maintain macroeconomic stability and intervene in the foreign currency market when necessary to keep the ruble stable.