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This content was produced in Russia where the law restricts coverage of Russian military operations in Ukraine.

The Russian rouble fell below 74 against the U.S. dollar on Wednesday to its lowest level since April 2022, while fears of new Western sanctions also triggered a sell-off in Russian stocks.

The rouble fell to a low of 74.04 to the dollar in early trading in Moscow, before paring some losses to stand down 0.2% at 73.92 by 0720 GMT.

Against the euro, the rouble was flat at 79.21 and it was also unchanged against the Chinese yuan at 10.80.

Russia's stock markets were trading deep in the red after reports the European Union was eyeing a fresh sanctions package to include measures against some of Russia's leading non-state banks.

The dollar-denominated RTS index was down 1.9% to 934.8 points, its weakest reading this year, while the rouble-based MOEX Russian index fell 1.8% to 2,193.1 points.

Shares in publicly traded Tinkoff Bank fell 3% to a two-month low on reports it had been named in a draft package of EU sanctions set to be unveiled to mark the anniversary of Russia's sending of tens of thousands of troops into Ukraine on Feb. 24.

Steelmakers Mechel and NLMK also dropped by more than 2% at the start of trading.

Russia's currency has been falling this year on the back of weaker energy revenues.

Under the pressure of a European Union embargo on Russian oil and a G7 price cap, Russia saw its lowest tax revenues from oil and gas in more than two years in January, and announced a 500,000 barrel-a-day production cut starting from March.

The OPEC group said on Tuesday that the discount on Russia's main Urals blend of crude widened to $30.65 a barrel in January compared with benchmark Brent. Before Moscow launched what it calls a "special military operation" in Ukraine, Urals traded at a single-digit discount.

Brent crude dipped 1.2% in early trading on Wednesday, falling to $84.55 a barrel.

For Russian equities guide see

For Russian treasury bonds see (Reporting by Jake Cordell; Editing by Robert Birsel)