According to agricultural experts in China, the agricultural and food producers in the north east of China are the ones likely to be hit hardest because exporters in this region had negotiated trade deals with Russia following the ban on exports of agricultural products from the EU and US.

The foreign trade bureau in Liaozhong county in Liaoning province said that because the contracts were conducted in rubles, exporters faced large losses because of the currency depreciation.

Chinese exporters could defer the shipments until the ruble picks up, according to Chinese analysts.

The value of the ruble has fallen to around 60 to the US dollar and last week at one point fell lower.