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Their fall came when a cable allegedly snapped on the swinging chair above the Sulak Canyon in Dagestan.
Luckily for them, the pair landed on a narrow decking platform under the edge of the cliff and their lives were saved.
They sustained no more than cuts and bruises, but police are investigating safety failings at this location near Zubutli village and others nearby where the canyon is more than one mile deep.
A source told Komsomolskaya Pravda: "The girls got scared and sustained scratches, but neither of them suffered serious injuries.
"It is chilling to imagine what could have happened if they slipped when the swings were at a maximum height."
The local Kazbekovsky council is expected to demand such precipice swings be removed, said reports.
The Sulak gorge is deeper than the Grand Canyon in the US, and described as the deepest canyon in Europe.
The Ministry of Tourism in Dagestan said the swing 'did not meet safety standards', adding: "As a result, the young women fell off the swing seat.
"Law enforcement agencies and other services are already conducting relevant checks to ensure that nothing threatens lives and health".
Just days ago, children were hurled from a bouncy castle which was carried up to around 30ft by gusts of wind.
The terrifying incident took place during a festival in Belarus and, according to eyewitnesses, the bouncy castles were ripped from their moorings by the wind, flinging them into the air.
Four children and three adults were injured in the incident, with soldiers rushing to their aid before medics were called to the scene.
One eye-witness named Alesya said: "A boy literally tumbled out of the castle. He was very scared, but it seems that he was not badly injured.
"The castle flew over us like a balloon and was carried over a fence. The second crashed into a nearby tent. There was some kind of glass, and it broke. The owner suffered a leg injury."
All seven people who were hurt in the incident were treated at Shklov Central District Hospital and one young girl was sent for a CT scan at Mogilev Regional Children's Hospital.
An investigation into the incident has now been launched by police.
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