By Jonathan Davies

Oil prices have fallen to their lowest point in six years, causing huge problems for the Russian currency.

Brent crude oil, which is the benchmark for Russian oil which accounts for a huge portion of Russia's economy, hit $44 per barrel.

Oil prices were at $115 per barrel last summer before a dramatic crash in the final six months of the year. But prices have remained low since.

Alexei Ukyukaev, Russia's minister of economic development, believes that oil prices could fall even further to below $40 per barrel.

The latest fall in oil prices has led to the Russian rouble falling to its lowest point since 1998 against the US dollar.

Russian President Dmitry Medvedev has suggested that major Russian exporters may be required to sell off foreign currency reserves to boost the falling rouble.

"In the near future we will launch foreign currency sales by our largest exporters, which will affect the rouble's rates. So we, together with the central bank, will undertake a definite collection of agreed measures,” he said.