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Russian President Vladimir Putin has sent a congratulatory telegram to Donald Trump following his success in the US election.

Trump defeated Hillary Clinton in one of the most contentious elections in US history.

In a telegram to Trump, Putin said the dialogue between Moscow and Washington must serve the interest of both countries.

The Russian Parliament also burst into applause after Donald Trump’s victory was confirmed, according to Russian news agency Interfax.

(Image: Getty Images)

(Image: Getty Images)

Putin was later seen celebrating with a glass of champagne at a foreign ambassadors meeting in Moscow.

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It reported the chairman of the parliamentary committee on education, Vyacheslav Nikonov, told MPs Clinton had congratulated her opponent on his victory.

He is reported to have said: “Colleagues, three minutes ago Hillary Clinton admitted defeat in the US presidential election.”

(Image: Getty Images)

(Image: Getty)

Putin also said he hopes to work on international issues with the President-elect.

The Kremlin said in a statement: "Putin expressed hope for joint work to restore Russian-American relations from their state of crisis, and also to address pressing international issues and search for effective responses to challenges concerning global security."

President Barack Obama had frosty relationship with Putin, with America furious over Russia’s involvement in the Syrian conflict.

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(Image: Getty)

Earlier, the French ambassador to the United States tweeted that the "world is collapsing before our eyes" as Donald Trump looks set to become US President.

Gerard Araud, who is the serving ambassador, tweeting his remarks as forecasters predict the Republican billionaire will defeat Hillary Clinton.

The 63-year-old said: "After Brexit and this election, everything is now possible. A world is collapsing before our eyes. Dizziness."

The experienced diplomat would need to work with Trump and his team if the Republican becomes President, making his remarks all the most astonishing. He later deleted the tweet.

Forecasters in the US are now predicting that Trump will defeat Clinton to become the next US President.

Global financial markets have gone into freefall. The US dollar sank and stock markets slammed into reverse as investors faced the real possibility of a shock win by the Republican candidate that could upend the global political order.

(Image: Getty Images)

Every new exit poll in the U.S. presidential election showed the race to be a nail-biter, sending investors stampeding to safe-haven assets.

Observers say the Dow Futures in the US is lower now than it was the day after 9/11.

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Contests in key battleground states were too close to call throughout the night, severely denting Clinton's hopes of becoming the first female president in US history.

In a message which appeared to betray the nervousness in the Clinton camp, the Democratic nominee thanked her supporters "whatever happens tonight".

(Image: PA)

Ohio was won by Barack Obama for the Democrats in 2012, but Republican nominee Mr Trump's campaign has targeted the bellwether state, which has voted for the eventual occupant of the White House in every election since 1960.

Florida voted Democrat in 2012 and Mrs Clinton's hopes may hinge on a high turnout among Latino voters opposed to Mr Trump, who has courted controversy in the campaign with outspoken attacks on Mexican immigrants.

The dollar tumbled and Asian shares shed early gains as Mr Trump powered ahead with some impressive early results.