MOSCOW (Reuters – On Friday the rouble lost ground and fell below 76 per dollar. This was after a Russian-backed separatist leader announced that the eastern Ukrainian region’s inhabitants would be evacuated to Russia.

Russia repeatedly denied western claims that it might be plotting to invade Ukraine’s neighbor, but fears that a conflict could lead to sweeping Western sanctions have hampered Russia’s ability and assets.

The rouble, at 76.17 GMT, was 0.1% more expensive than the dollar by 1345 GMT. It had fallen sharply since a session-high high of 75.63. Denis Pushilin of the self-proclaimed Donetsk People’s Republic stated that Russia had offered accommodation to those who wanted to flee.

The rouble gained 0.1% against the euro to 86.47.

Prior to the sell-off that began last week, the Russian currency traded at 74.26 dollars against the dollar.

BCS Global markets stated, “The week ends exactly as it started. Awash with uncertainty on the economic and geopolitical fronts, this suggests that caution and some bargain-hunting may be necessary.”

Russian markets were hit by the U.S. president Joe Biden’s statement on Thursday that all indications pointed to Russia invading Ukraine over the coming days. The pretext was being prepared to justify it.

There are still hopes for a diplomatic resolution as U.S. Secretary Antony Blinken met with Sergei Lavrov, Russian Foreign Minister, late next week. This is provided Russia doesn’t invade Ukraine.

Pro-Russian rebels in Ukraine claimed that government forces had shelled a village. Russian media reports however, that more tanks and infantry units are returning to their base despite Western warnings about an invasion.

Markets were watching President Vladimir Putin meet his Belarusian counterpart Alexander Lukashenko. The two countries share borders with Ukraine and are holding joint military drills.

Oil prices rose to the highest level since 2014 due to tensions in Ukraine, which could have an impact on Russia’s stock market and budget.

The rouble, Russia’s primary export, fell 1.8% to $91.36 per barrel. This is a far cry from the recent high of $96.78. Last time oil prices were so high, the Russian ruble traded around 40 against the dollar and 50 for the euro.

RTS, a dollar-denominated index, fell 2.4% at 1,415.0 points. 3.417.3 was the lower MOEX Russian Index, which is 2.7% below.