Russia's markets, including the rouble and the benchmark RTSI stock index, are taking a pounding on Monday, thanks to the failure of the world's biggest oil producers to agree a deal on a production freeze.

That failure sent oil in free fall, which in turn has caused investors in Russia's oil-reliant economy to sell up as fast as possible.

Just after 3:45 p.m. BST (10:45 a.m. ET) the RTSI is off just less than 2.4%, having initially lost more than 4.3% of its value as the market opened for the week. Here's how the benchmark index looks:

Russia's other major share index, the MICEX, has slipped 1.97% on the day.

The rouble is also taking a beating on Monday, with its cross against the pound down by 0.94%, and its US-dollar cross off two-thirds of 1%. That's a big recovery from earlier in the day. At the open, the rouble fell more than 3%. Here's how that looks:

Several oil producers, responsible for almost half of the world's output, failed to reach a production-freeze agreement at a meeting in Doha on Sunday. Consequently, oil fell more than 4.5% on Monday morning. It has since recovered a little; however, given that Russia is the world's biggest producer, stocks are still taking an absolute beating.

Here's how Brent crude, the European oil benchmark, looks right now:

Oil prices are likely to remain under significant strain in the coming weeks, and as Business Insider's Greg McKenna pointed out on Sunday evening, the lack of a deal puts that rally under pressure and leaves traders with no clear guide to when the widening gap between oil supply and demand will be closed.

That means any respite for Russian stocks probably won't be forthcoming anytime soon.

Elsewhere in Europe, stocks also started the day under pressure, although losses were limited. In the European afternoon, the majority of indexes have recovered and are now trading in the green. Here's the scoreboard: