Russia's ruble depreciated against the U.S. dollar to about 73 rubles per dollar on the international market on Monday, the weakest level since March 2016, trading data showed.

The ruble against the euro retreated to nearly 83 rubles per euro, the lowest level since February 2016.

The depreciation of the ruble came in the wake of a nosedive in oil prices after the Organization of the Petroleum Exporting Countries (OPEC) and other major producers failed to agree on further output cuts to stabilize prices at the talks in Vienna on Friday.

Russia significantly relies on oil and gas revenues. President Vladimir Putin has said the country wants to reduce dependence on energy industries but needs time to do so.