* Emerging stocks drop 1 pct, debt spreads widen * Oil exporter Russia's stocks hit 6-mth highs * Israeli shekel hits 6-week lows before rate decision By Carolyn Cohn LONDON, Feb 27 (Reuters) - Emerging stocks dropped 1 percent on Monday as higher oil prices dented risk appetite and raised concern about oil-importing emerging economies, but oil exporter Russia's stocks hit six-month highs. Oil prices have risen sharply in the past week on worries that tension over Iran's disputed nuclear programme could lead to a disruption in Middle East supplies, though Brent crude slipped below $125 on Monday. Rising oil prices are likely to lead to inflation in emerging economies, making it harder to ease monetary policy. "The markets are beginning to fret about the implications of higher energy prices and it is negative for emerging market currencies and equity markets," said Manik Narain, emerging FX strategist at UBS. "S ome of the economies like Turkey and India are getting hit hard , especially as they have very large external deficit positions . " The MSCI emerging equities index fell one percent to a nine-day low and the Thomson Reuters emerging Europe index dropped 0.8 percent, also to a nine-day low. Oil-importing markets were suffering, with Turkish stocks down 1.4 percent to a three-week low and Indian stocks sliding 2.5 percent, also to a three-week low. Polish stocks hit 3-1/2-week lows. Meanwhile, oil-exporting Russia's stocks were benefiting, soaring to six-month highs before trimming gains ahead of presidential elections on March 4. Russian stocks have risen as much as 6 percent since Thursday. "We expect strong exports to continue (their) positive influence in 2012, as political tensions in the Middle East support oil price dynamics," Unicredit analysts said of Russia in a client note. Russia expects to borrow $7 billion on foreign markets this year at a yield below 5 percent, Finance Minister Anton Siluanov told Reuters in an interview. A roadshow is expected after the elections. The shekel dropped 0.8 percent to a six-week low ahead of a rate decision later on Monday, following a surprise rate cut last month. All 16 economists polled by Reuters forecast no change in current rates of 2.5 percent. Investors are also wary about Israel due to the tensions over Iran. Emerging market currencies were mainly weaker, with the Turkish lira hitting a 10-day low. The forint also hit 10-day lows against the euro, as Hungary remains in dispute with the European Union over some of its laws, blocking its access to international aid. Emerging sovereign debt spreads widened by 3 basis points to 327 bps over U.S. Treasuries. (Additional reporting by Philip Baillie; editing by Stephen Nisbet)

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