Russian ruble

The ruble or rouble (Russian: рубль, romanized: rublʹ; symbol: ₽; abbreviation: руб or р. in Cyrillic, Rub in Latin;^[1] ISO code: RUB) is the currency of the Russian Federation. The ruble is subdivided into 100 kopecks (sometimes written as copeck or kopek; Russian: копе́йка, romanized: kopeyka, PL копе́йки, kopeyki). The first Russian ruble (code: RUR) replaced the Soviet ruble (code: SUR) in September 1993 at par. In 1998, preceding the financial crisis, the current ruble was redenominated with the new code "RUB" and was exchanged at the rate of 1 RUB = 1,000 RUR.

Ruble

Российский рубль (Russian)^[a] руб, Rub
5,000 ₽ banknote of the current series Coins
ISO 4217
Code	RUB (numeric: 643)
Subunit	0.01
Unit
Unit	ruble
Plural	The language(s) of this currency belong(s) to the Slavic languages. There is more than one way to construct plural forms.
Symbol	₽‎
Denominations
Subunit
1⁄100	kopeyka (копейка)^[b]
Symbol
kopeyka (копейка)^[b]	коп. or к (Cyrillic) kop or k (Latin)
Banknotes
Freq. used	50 ₽, 100 ₽, 200 ₽, 500 ₽, 1,000 ₽, 2,000 ₽, 5,000 ₽
Rarely used	5 ₽, 10 ₽
Coins
Freq. used	1 ₽, 2 ₽, 5 ₽, 10 ₽
Rarely used	1 kop, 5 kop, 10 kop, 50 kop, 25 ₽
Demographics
Date of introduction	14 July 1992: RUR (1 SUR = 1 RUR) 1 January 1998: RUB (1,000 RUR = 1 RUB)
Replaced	Soviet ruble (SUR)
User(s)	Russia
Issuance
Central bank	Bank of Russia
Website	www.cbr.ru
Printer	Goznak
Website	www.goznak.ru
Mint	Moscow Mint and Saint Petersburg Mint
Valuation
Inflation	11.0% (February 2023)
Source	Bank of Russia
Method	CPI

The ruble was the currency of the Russian Empire and of the Soviet Union (as the Soviet ruble). In 1992 the currency imagery underwent a redesign as a result of de-Leninization. The Soviet currency had different names in the different languages of the USSR; Russia, Belarus, Uzbekistan, Kyrgyzstan, Azerbaijan, Turkmenistan, and Transnistria have all retained the Soviet-era names for their new currencies.

The Russian ruble is also used in the parts of Ukraine under Russian military occupation and in Russian-occupied parts of Georgia.

History

Main article: Ruble

The ruble has been used in the Russian territories since the 14th century,^[2] and is the second-oldest currency still in circulation, behind sterling.^[3] Initially an uncoined unit of account, the ruble became a circulating coin in 1704 just before the establishment of the Russian Empire. It was also the first currency in Europe to be decimalised in 1704, when it was divided into 100 kopecks. The ruble has seen several incarnations and redenominations during its history, the latest of which is the introduction in 1998 of the current Russian ruble (code: RUB) at the rate of 1 RUB = 1,000 RUR.

RUR (1992–1998)

Further information: Soviet ruble and Monetary reform in Russia, 1993

Following the dissolution of the Soviet Union in 1991, the Soviet ruble remained the currency of the Russian Federation until 1992. A new set of coins was issued in 1992 and a new set of banknotes was issued in the name of Bank of Russia in 1993. The currency replaced the Soviet ruble at par and was assigned the ISO 4217 code RUR and number 810.

The ruble's exchange rate versus the U.S. dollar depreciated significantly from US$1 = 125 RUR in July 1992 to approximately US$1 = 6,000 RUR when the currency was redenominated in 1998.

RUR coins

After the fall of the Soviet Union, the Russian Federation introduced new coins in 1992 in denominations of 1, 5, 10, 20, 50, and 100 rubles. The coins depict the double-headed eagle without a crown, sceptre and globus cruciger above the legend "Банк России" ("Bank of Russia"). It is exactly the same eagle that the artist Ivan Bilibin painted after the February Revolution as the coat of arms for the Russian Republic.^[4] The 1 and 5-ruble coins were minted in brass-clad steel, the 10 and 20-ruble coins in cupro-nickel, and the 50 and 100-ruble coins were bimetallic (aluminium-bronze and cupro-nickel-zinc). In 1993, aluminium-bronze 50-ruble coins and cupro-nickel-zinc 100-ruble coins were issued, and the material of 10 and 20-ruble coins was changed to nickel-plated steel. In 1995 the material of 50-ruble coins was changed to brass-plated steel, but the coins were minted with the old date 1993. As high inflation persisted, the lowest denominations disappeared from circulation and the other denominations became rarely used.

During this period, the commemorative one-ruble coins were regularly issued continuing the specifications of prior commemorative Soviet rubles (31 mm diameter, 12.8 grams cupronickel). It is nearly identical to those of the 5-Swiss franc coin (31.45 mm, 13.2 g cupronickel), worth approx. €4.39 or US$5.09 as of August 2018. For this reason, there have been several instances of (now worthless) Soviet and Russian ruble coins being used on a large scale to defraud automated vending machines in Switzerland.^[5]

RUR banknotes

In 1961, new State Treasury notes were introduced for 1, 3 and 5 rubles, along with new State Bank notes worth 10, 25, 50, and 100 rubles. In 1991, the State Bank took over production of 1, 3 and 5-ruble notes and also introduced 200, 500 and 1,000-ruble notes, although the 25-ruble note was no longer issued. In 1992, a final issue of notes was made bearing the name of the USSR before the Russian Federation introduced 5,000 and 10,000-ruble notes. These were followed by 50,000-ruble notes in 1993, 100,000 rubles in 1995 and, finally, 500,000 rubles in 1997 (dated 1995).

Since the dissolution of the Soviet Union in 1991, Russian ruble banknotes and coins have been notable for their lack of portraits, which traditionally were included under both the Tsarist and Communist regimes. With the issue of the 500-ruble note depicting a statue of Peter I and then the 1,000-ruble note depicting a statue of Yaroslav, the lack of recognizable faces on the currency has been partially alleviated.

SUR and RUR series banknotes

Series	Value	Obverse	Reverse	Issuer	Languages
1961	1, 3, 5, 10, 25, 50, 100 rubles	Vladimir Lenin or views of the Moscow Kremlin	Value, and views of the Moscow Kremlin for 50 rubles or higher	USSR	multiple
1991	1, 3, 5, 10, 50, 100, 200, 500, 1,000 rubles				Russian
1992	50, 200, 500, 1,000, 5,000, 10,000 rubles			USSR for 1,000 rubles and lower Bank of Russia for 5,000- and 10,000 rubles	Russian
1993	100, 200, 500, 1,000, 5,000, 10,000, 50,000 rubles	Moscow Kremlin with the tri-color Russian flag		Bank of Russia
1995	1,000, 5,000, 10,000, 50,000, 100,000, 500,000 rubles	Same design as today's banknotes, where 1 RUB = 1,000 RUR. The 1,000 ruble note did not continue as a 1 new ruble note.

RUB (1998–present)

See also: Monetary reform in Russia, 1998

In 1998 the Russian ruble was redenominated with the new ISO 4217 code "RUB" and number 643, and was exchanged at the rate of 1 RUB = 1,000 RUR. All Soviet coins issued between 1961 and 1991, as well as 1-, 2- and 3-kopeck coins issued before 1961, also qualified for exchange into new rubles.^[6]

The redenomination was an administrative step that reduced the unwieldiness of the old ruble^[7] but occurred on the brink of the 1998 Russian financial crisis.^[8] The ruble lost 70% of its value against the US dollar in the six months following this financial crisis, from US$1 = 6 ₽ to approximately 20 ₽.^[9]

After stabilizing at around US$1 = 30 ₽ from 2001 to 2013, it depreciated to the range of US$1 = 60-80 ₽ from 2014 to 2021 as a result of the Annexation of Crimea by the Russian Federation in 2014 and 2010s oil glut. After the 2022 Russian invasion of Ukraine, it declined further to US$1 = 110 ₽ due to sanctions.^[10]

By April 2022, the ruble went above its pre-war level after falling as low as 150 ₽ per dollar in early March,^[11] and recovered to its pre-war value by early April.

Symbol

Main article: Ruble sign

Not to be confused with the Armenian letter ք.

 

The ruble sign since 2013

 

The "ruble" symbol used throughout the 17th century, composed of the Russian letters "Р" and "У".

A currency symbol was used for the ruble between the 16th century and the 18th century. The symbol consisted of the Russian letters "Р" (rotated 90° anti-clockwise) and "У" (written on top of it). The symbol was placed over the amount number it belonged to.^[12] This symbol, however, fell into disuse by the mid-19th century.^[13]

No official symbol was used during the final years of the Empire, nor was one introduced in the Soviet Union. The abbreviations Rbl (plural: Rbls) in Latin^[14][15] and руб. (Cyrillic) and the simple characters R (Latin)^[16][17][18] and р (Cyrillic) were used. These are still used to-day, though are unofficial.^[19]

In July 2007, the Central Bank of Russia announced that it would decide on a symbol for the ruble and would test 13 symbols. This included the symbol РР (the initials of Российский Рубль "Russian ruble"), which received preliminary approval from the Central Bank.^[20] However, one more symbol, a Р with a horizontal stroke below the top similar to the Philippine peso sign, was proposed unofficially.^[20] Proponents of the new sign claimed that it is simple, recognizable and similar to other currency signs.^[21][22][23] This symbol is also similar to the Armenian letter ք or the Latin letter Ꝑ.

On 11 December 2013, the official symbol for the ruble became  , a Cyrillic letter Er with a single added horizontal stroke,^{[24][better source needed]} though the abbreviation "руб." is in wide use. In Unicode version 7.0 it was assigned the encoding U+20BD ₽ RUBLE SIGN.^[25][26]

On 4 February 2014, the Unicode Technical Committee during its 138th meeting in San Jose accepted U+20BD ₽ RUBLE SIGN symbol for Unicode version 7.0;^[27] the symbol was then included into Unicode 7.0 released on 16 June 2014.^[28] In August 2014, Microsoft issued updates for all of its mainstream versions of Microsoft Windows that enabled support for the new ruble sign.^[29]

The ruble sign can be entered on a Russian computer keyboard as AltGr+8 on Windows and Linux, or AltGr+Р (Qwerty H position) on macOS.

Coins

In 1998, the following coins were introduced in connection with the ruble revaluation and are currently in circulation:

Currently circulating coins^[30]

Image		Value	Technical parameters			Description			Years of minting
Reverse	Obverse		Diameter	Mass	Composition	Edge	Obverse	Reverse
		1 kop	15.5 mm	1.5 g^[31]	Cupronickel-steel	Plain	Saint George	Value	1997–2009 2014, 2017
		5 kop	18.5 mm	2.6 g^[31]
		10 kop	17.5 mm	1.95 g^[31]	Brass	Reeded	Saint George	Value	1997–2006
				1.85 g	Brass-plated steel	Plain			2006–2015
		50 kop	19.5 mm	2.90 g^[31]	Brass	Reeded			1997–1999 2002–2006
				2.75 g	Brass-plated steel	Plain			2006–2015
		1 ₽	20.5 mm	3.25 g	Cupronickel	Reeded	Emblem of the Bank of Russia	Value	1997–1999 2005–2009
				3.00 g	Nickel-plated steel				2009–2015
							Coat of arms of Russia		2016–present
		2 ₽	23 mm	5.10 g	Cupronickel	Segmented (Plain and Reeded edges)	Emblem of the Bank of Russia		1997–1999 2006–2009
				5.00 g	Nickel-plated steel				2009–2015
							Coat of arms of Russia		2016–present
		5 ₽	25 mm	6.45 g	Cupronickel-clad copper		Emblem of the Bank of Russia		1997–1998 2008–2009
				6.00 g	Nickel-plated steel				2009–2015
							Coat of arms of Russia		2016–present
		10 ₽	22 mm	5.63 g	Brass-plated steel	Segmented (plain and reeded edges)	Emblem of the Bank of Russia	Value	2009–2013, 2015
							Coat of arms of Russia		2016–present

1 and 5 kopeck coins are rarely used (especially the 1 kopeck coin) due to their low value and in some cases may not be accepted by stores or individuals.

These coins began being issued in 1998, although some of them bear the year 1997. Kopeck denominations all depict St George and the Dragon, and all ruble denominations (with the exception of commemorative pieces) depict the double headed eagle. Mint marks are denoted by "СП" or "M" on kopecks and the logo of either the Saint Petersburg or Moscow mint on rubles. Since 2000, many bimetallic 10 ₽ circulating commemorative coins have been issued. These coins have a unique holographic security feature inside the "0" of the denomination 10.^{[citation needed]}

In 2008, the Bank of Russia proposed withdrawing 1 and 5 kopeck coins from circulation and subsequently rounding all prices to multiples of 10 kopeks, although the proposal has not been realized yet (though characteristic "x.99" prices are treated as rounded in exchange).^{[citation needed]} The Bank of Russia stopped minting one-kopeck and five-kopeck coins in 2012, and kopecks completely in 2018.^[32]

The material of 1 ₽, 2 ₽ and 5 ₽ coins was switched from copper-nickel-zinc and copper-nickel clad to nickel-plated steel in the second quarter of 2009. 10 and 50 kopecks were also changed from brass to brass-plated steel.^{[citation needed]}

In October 2009, a new 10 ₽ coin made of brass-plated steel was issued, featuring optical security features.^[33] The 10 ₽ banknote would have been withdrawn in 2012, but a shortage of 10 ₽ coins prompted the Central Bank to delay this and put new ones in circulation.^[34] Bimetallic commemorative 10-ruble coins will continue to be issued.^{[citation needed]}

A series of circulating Olympic commemorative 25 ₽ coins started in 2011. The new coins are struck in cupronickel.^[35] A number of commemorative smaller denominations of these coins exist in circulation as well, depicting national historic events and anniversaries.

The Bank of Russia issues other commemorative non-circulating coins ranging from 1 ₽ to 50,000 ₽.^[36]

Banknotes

On 1 January 1998, a new series of banknotes dated 1997 was released in denominations of 5 ₽, 10 ₽, 50 ₽, 100 ₽ and 500 ₽. The 1,000 ₽ banknote was first issued on 1 January 2001 and the 5,000 ₽ banknote was first issued on 31 July 2006. Modifications to the series were made in 2001, 2004, and 2010.

In April 2016, the Central Bank of Russia announced that it will introduce two new banknotes – 200 ₽ and 2,000 ₽ — in 2017.^[37] In September 2016, a vote was held to decide which symbols and cities will be displayed on the new notes.^[38] In February 2017, the Central Bank of Russia announced the new symbols. The 200 ₽ banknote will feature symbols of Crimea: the Monument to the Sunken Ships, a view of Sevastopol, and a view of Chersonesus. The 2,000 ₽ banknote will bear images of the Russian Far East: the bridge to Russky Island and the Vostochny Cosmodrome in the Amur Oblast.^[39]

In 2018, the Central Bank issued a 100 ₽ "commemorative" banknote designed to recognize Russia's role as the host of the 2018 World Cup soccer tournament. The banknote is printed on a polymer substrate, and has several transparent portions as well as a hologram. Despite the note being intended for legal tender transactions, the Central Bank has simultaneously refused to allow the country's automated teller machines (ATMs) to recognize or accept it.^[40]

In March 2021, the Central Bank announced plans to gradually update the designs of the 10 ₽, 50 ₽, 100 ₽, 1,000 ₽ and 5,000 ₽ banknotes and make them more secure; this is expected to be completed in 2025.^[41]

The first new design, for the 100 ₽ note, was unveiled on 30 June 2022.^[42] The design of the new note includes symbols of Moscow on the obverse - Red Square, Zaryadye Park, Moscow State University on Sparrow Hills, and Ostankino Tower - and the Rzhev Memorial to the Soviet Soldier on the revese.^[43]

In late 2022, the Central Bank returned to 5-ruble and 10-ruble note to circulation; freshly printed notes began appearing in 2023.^[44]

1997 series^[45]

Image		Value	Dimensions	Description				Date of
Obverse	Reverse			Town	Obverse	Reverse	Watermark	printing*	issue	withdrawal	lapse
		5 ₽	137 × 61 mm	Veliky Novgorod	The Millennium of Russia monument on background of Saint Sophia Cathedral	Fortress wall of the Novgorod Kremlin	"5", Saint Sophia Cathedral	1997 2022	1 January 1998	Current, but not issued from 2001 until 2021. Re-issued in 2022. Rarely seen in circulation. Returned to circulation in 2023.^[46]
		10 ₽	150 × 65 mm	Krasnoyarsk	Kommunalny Bridge across the Yenisei River, Paraskeva Pyatnitsa Chapel	Krasnoyarsk hydroelectric plant	"10", Paraskeva Pyatnitsa Chapel	1997 2001 2004 2022		Current, but not issued from 2010 to 2021. Re-issued in 2022. Still in use, but rarely seen in circulation. Returned to circulation in 2023.^[46]
		50 ₽		Saint Petersburg	A Rostral Column sculpture on background of Peter and Paul Fortress	Old Saint Petersburg Stock Exchange and Rostral Columns	"50", Peter and Paul Cathedral			Current
		100 ₽		Moscow	Quadriga statue on the portico of the Bolshoi Theatre	The Bolshoi Theatre	"100", The Bolshoi Theatre
		500 ₽		Arkhangelsk	Monument to Czar Peter the Great, sailing ship and sea terminal^[47]	Solovetsky Monastery	"500", portrait of Peter the Great	1997 2001 2004 2010
		1,000 ₽	157 × 69 mm	Yaroslavl	Monument to Yaroslav I the Wise and the Lady of Kazan Chapel	John the Baptist Church	"1,000", portrait of Yaroslav the Wise	2001 2004 2010	1 January 2001
		5,000 ₽		Khabarovsk	Monument to Nikolay Muravyov-Amursky	Khabarovsk Bridge over the Amur	"5,000", portrait of Muravyov-Amursky	2006 2010	31 July 2006
These images are to scale at 0.7 pixel per millimetre. For table standards, see the banknote specification table. Each new banknote series has enhanced security features, but no major design changes. Banknotes printed after 1997 bear the fine print "модификация 2001г." (or later date) meaning "modification of year 2001" on the left watermark area.

2017–2025 series^[45]

Image		Value	Dimensions	Description				Date of
Obverse	Reverse			Federal District	Obverse	Reverse	Watermark	printing	issue	withdrawal	lapse
		100 ₽	150 × 65 mm	Central Federal District	Moscow: Spasskaya Tower, Zaryadye Park, Moscow State University, Ostankino Tower	Memorial to the Soviet Soldier, Rzhev	"100", Spasskaya Tower	2022	30 June 2022	Current
		200 ₽	150 × 65 mm	Southern Federal District	Monument to the Sunken Ships (by sculptor Amandus Adamson), Sevastopol	View of Chersonesus	"200", Monument to the Sunken Ships	2017	12 October 2017
		2,000 ₽	157 × 69 mm	Far Eastern Federal District	Russky Bridge, Vladivostok	Vostochny Cosmodrome, Tsiolkovsky, Amur Oblast	"2000", Russky Bridge

For the rest of the 2017–2025 series, the following designs are planned:^[48]

• 10 ₽ (2025): Novosibirsk on the obverse, Siberian Federal District on the reverse
• 50 ₽ (2025): Saint Petersburg on the obverse, Northwestern Federal District on the reverse
• 500 ₽ (2024): Pyatigorsk on the obverse, North Caucasian Federal District on the reverse
• 1,000 ₽ (2023): Nizhny Novgorod on the obverse, Volga Federal District on the reverse
• 5,000 ₽ (2023): Yekaterinburg on the obverse, Ural Federal District on the reverse

Printing

 

 

QR codes from 200 ₽ and 2,000 ₽ banknotes

All Russian ruble banknotes are currently printed at the state-owned factory Goznak in Moscow, which was founded on 6 June 1919 and operated ever since. Coins are minted in the Moscow Mint and at the Saint Petersburg Mint, which has been operating since 1724.

100 ₽ note controversy

 

An image of the 100-ruble banknote, zoomed up to show a statue of the Greek god Apollo as depicted on top of the Bolshoi Theatre in Moscow, this version of Apollo is shown with his penis and testicles exposed (which was the case on the Bolshoi Theatre at the time of printing, though the original statue was amended with a fig leaf covering them) which lead to one Russian politician, Roman Khudyakov, condemn the banknote as "pornography"

On 8 July 2014, State Duma deputy and vice-chairman of the Duma Regional Political Committee Roman Khudyakov alleged that the image of the Greek god Apollo driving a Quadriga on the portico of the Bolshoi Theatre in Moscow on the 100 ₽ banknote constitutes pornography that should only be available to persons over the age of 18. Since it is impractical to limit the access of minors to banknotes, he requested in his letter to the Governor of the Bank of Russia Elvira Nabiullina to immediately change the design of the banknote.^[49]

Khudyakov, a member of parliament for the LDPR party stated, "You can clearly see that Apollo is naked, you can see his genitalia. I submitted a parliamentary request and forwarded it directly to the head of the central bank asking for the banknote to be brought into line with the law protecting children and to remove this Apollo."^[50][51] Khudyakov's efforts did not lead to any changes being made to the design.

Crimea controversy

On 13 October 2017, the National Bank of Ukraine issued a decree forbidding the country's banks, other financial institutions and Ukraine's state postal service to circulate Russian banknotes which use images of Crimea, a territory that is regarded as Russian-occupied by Ukraine and whose annexation by Russia is not recognised by most UN member states.^[52] The NBU stated that the ban applies to all financial operations, including cash transactions, currency exchange activities and interbank trade.^[53] Crimea is featured on three banknotes that are currently in circulation – the 100 ₽ commemorative notes issued in 2015 and 2018, as well as the 200 ₽ note issued in 2017.

Effect of international sanctions

Kommersant reported that the new 100 ₽ note introduced in 2022 will not work with an estimated 60% of cash registers and bank machines because they are imported and therefore must be updated by foreign companies, and this work may not be completed due to sanctions.^[54][55] However, Russian banks have been transferring their ATM networks to domestic software which does not require foreign specialists since at least 2018, with the biggest Russian bank, Sberbank, completing 80% of the transfer by June 2022.^[56] Russian banks will start purchasing domestic ATMs with Elbrus processors in 2023, the mandatory share of Russian products in the purchase of ATMs was to be at least 18% for banks with state partnership, since 2022 it has grown to 20%.^[57]

Commemorative banknotes

Commemorative banknote series^[58]

Image		Value	Dimensions	Description			Date of
Obverse	Reverse			Obverse	Reverse	Watermark	printing*	issue	withdrawal	lapse
		100 ₽	150 × 65 mm	A snowboarder and some of the Olympic venues of the Sochi coastal cluster.	Fisht Olympic Stadium in Sochi, firebird	2014 Winter Olympics logo	2014	30 October 2013	Current
		100 ₽	150 × 65 mm	Monument to the Sunken Ships in Sevastopol Bay, outlines of Monument to the heroes of the Second Siege of Sevastopol and St. Vladimir Cathedral, fragment of a painting by Ivan Aivazovsky	Swallow's Nest castle, Yevpatoria RT-70 radio telescope, outline of Big Khan Mosque in Bakhchisaray and a green stripe containing a QR code linking to the Bank of Russia webpage containing historical information relating to the commemorative banknote	Portrait of Empress Catherine the Great	2015	23 December 2015
		100 ₽	150 × 65 mm	A boy with a ball under his arm looking up as Lev Yashin saves a ball.	A stylized image of the globe in the form of a football with a green image of Russia's territory (including illegally occupied Crimea) outlined on it, as well as the name of the 2018 FIFA World Cup host cities	The number 2018	2018	22 May 2018

On 30 October 2013, a special banknote in honour of the 2014 Winter Olympics held in Sochi was issued. The banknote is printed on high-quality white cotton paper. A transparent polymer security stripe is embedded into the paper to make a transparent window incorporating an optically variable element in the form of a snowflake. The highlight watermark is visible in the upper part of the banknote. Ornamental designs run vertically along the banknote. The front of the note features a snowboarder and some of the Olympic venues of the Sochi coastal cluster. The back of the note features the Fisht Olympic Stadium in Sochi. The predominant colour of the note is blue.

On 23 December 2015, another commemorative 100 ₽ banknote was issued to celebrate the "reunification of Crimea and Russia". The banknote is printed on light-yellow-coloured cotton paper. One side of the note is devoted to Sevastopol, the other one — to Crimea. А wide security thread is embedded into the paper. It comes out on the surface on the Sevastopol side of the banknote in the figure-shaped window. A multitone combined watermark is located on the unprinted area in the upper part of the banknote. Ornamental designs run vertically along the banknote. The Sevastopol side of the note features the Monument to Sunken Ships in Sevastopol Bay and a fragment of the painting "Russian Squadron on the Roads of Sevastopol" by Ivan Aivazovsky. The Crimea side of the note features the Swallow's Nest, a decorative castle and local landmark. In the lower part of the Sevastopol side of the banknote in the green stripe there is a QR-code containing a link to the Bank of Russia's webpage, which lists historical information related to the banknote. The predominant colour of the note is olive green.

On 22 May 2018, a special banknote to celebrate the 2018 FIFA World Cup was issued.^[59] The banknote is printed on polymer. The top part of the note bears a transparent window that contains a holographic element. The design of the note is vertically oriented. The main images of the obverse are a boy with a ball under his arm and a goalkeeper diving for a ball. The main image of the reverse is a stylized image of the globe in the form of a football with green image of the Russian territory outlined on it. On the reverse there is the number 2018 that marks both the issue of the banknote and the World Cup, as well as the name of the host cities in the Russian language. The bottom right corner of the obverse bears a QR-code, which contains a link to the page of the Bank of Russia website with the description of the note's security features. Predominant colours of the note are blue and green.

Economics

 

Worldwide official use of foreign currency or pegs. The ruble is used in Russia and Russian occupied territories of Georgia and Ukraine.

  Russian ruble users, including the Russian Federation

  US dollar users, including the United States

  Currencies pegged to the US dollar

  Euro users, including the Eurozone

  Currencies pegged to the euro

  Australian dollar users, including Australia

  New Zealand dollar users, including New Zealand

  South African rand users (CMA, including South Africa)

  Indian rupee users and pegs, including India

  Pound sterling users and pegs, including the United Kingdom

  Special drawing rights or other currency basket pegs

  Three cases of a country using or pegging the currency of a neighbour

The use of other currencies for transactions between Russian residents is punishable, with a few exceptions, with a fine of 75% to 100% of the value of the transaction.^[60]

International trade

On 23 November 2010, at a meeting of Russian Prime Minister Vladimir Putin and Chinese Premier Wen Jiabao, it was announced that Russia and China had decided to use their own national currencies for bilateral trade, instead of the US dollar. The move is aimed to further improve relations between Beijing and Moscow and to protect their domestic economies during the Great Recession. The trading of the Chinese yuan against the ruble has started in the Chinese interbank market, while the yuan's trading against the ruble was set to start on the Russian foreign exchange market in December 2010.^{[61][better source needed]}

In January 2014, President Putin said there should be a sound balance on the ruble exchange rate; that the Central Bank only regulated the national currency exchange rate when it went beyond the upper or lower limits of the floating exchange rate; and that the freer the Russian national currency is, the better it is, adding that this would make the economy react more effectively and timely to processes taking place in it.^[62]

Exchange rates

Current RUB exchange rates
From Google Finance:	AUD CAD CHF CNY EUR GBP HKD JPY USD
From Yahoo! Finance:	AUD CAD CHF CNY EUR GBP HKD JPY USD
From XE.com:	AUD CAD CHF CNY EUR GBP HKD JPY USD
From OANDA:	AUD CAD CHF CNY EUR GBP HKD JPY USD

 

USD / RUB exchange rate 2001-2022

 

EUR / RUB exchange rate

The first Russian ruble (RUR) introduced in January 1992 depreciated significantly versus the US dollar from US$1 = 125 RUR to around US$1 = 6,000 RUR (or 6 RUB) when it was redenominated in January 1998. The new ruble then depreciated rapidly in its first year to US$1 = 20 RUB before stabilizing at around US$1 = 30 RUB from 2001 to 2013.

The financial crisis in Russia in 2014–2016 was the result of the collapse of the Russian ruble beginning in the second half of 2014.^{[63][64][65][66][67][68]} A decline in confidence in the Russian economy caused investors to sell off their Russian assets, which led to a decline in the value of the Russian ruble and sparked fears of a Russian financial crisis. The lack of confidence in the Russian economy stemmed from at least two major sources. The first is the fall in the price of oil in 2014. Crude oil, a major export of Russia, declined in price by nearly 50% between its yearly high in June 2014 and 16 December 2014. The second was the result of international economic sanctions imposed on Russia following Russia's annexation of Crimea and the Russian military intervention in Ukraine.^[63][69]

The crisis affected the Russian economy, both consumers and companies, and regional financial markets, as well as Putin's ambitions regarding the Eurasian Economic Union. The Russian stock market in particular experienced large declines, with a 30% drop in the RTS Index from the beginning of December through 16 December 2014. From July 2014 to February 2015 the ruble fell dramatically against the U.S. dollar. A 6.5 percentage point interest rate rise to 17 percent^[70] failed to prevent the currency hitting record lows in a "perfect storm" of low oil prices, looming recession and Western sanctions over the Ukraine crisis.^[71]

Russia faced steep economic sanctions due to the invasion of Ukraine in early 2022. In response to the military campaign, several countries imposed strict economic sanctions on the Russian economy.^[c] This led to a 32 percent drop in the value of the ruble, which traded at an exchange rate of 120 rubles per dollar in March 2022.^[10] On 23 March 2022, President Putin announced that Russia would only accept payments for Russian gas exports from “unfriendly countries” in rubles.^[72] This, along with several other actions to control capital flow, coinciding with soaring commodity prices led to the ruble rallying to a record high in May 2022 that economists feel is unlikely to last.^[73] However, the ruble continued to rally in June 2022, hitting its highest point (51 rubles to the dollar) for the past seven years at the end of the month.^[74]

RUB per US$1998–2022

Year		Lowest ↓			Highest ↑			Average
		Date	Rate		Date	Rate		Rate
1998		1 January	5.9600		29 December	20.9900		9.7945
1999		1 January	20.6500		29 December	27.0000		24.6489
2000		6 January	26.9000		23 February	28.8700		28.1287
2001		4 January	28.1600		18 December	30.3000		29.1753
2002		1 January	30.1372		7 December	31.8600		31.3608
2003		20 December	29.2450		9 January	31.8846		30.6719
2004		30 December	27.7487		1 January	29.4545		28.8080
2005		18 March	27.4611		6 December	28.9978		28.1910
2006		6 December	26.1840		12 January	28.4834		27.1355
2007		24 November	24.2649		13 January	26.5770		25.5808
2008		16 July	23.1255		31 December	29.3804		24.8529
2009		13 November	28.6701		19 February	36.4267		31.7403
2010		16 April	28.9310		8 June	31.7798		30.3679
2011		6 May	27.2625		5 October	32.6799		29.3823
2012		28 March	28.9468		5 June	34.0395		31.0661
2013		5 February	29.9251		5 September	33.4656		31.9063
2014		1 January	32.6587		18 December	67.7851		38.6025
2015		17 April	49.6749		31 December	72.8827		61.3400
2016		30 December	60.2730		22 January	83.5913		66.8336
2017		26 April	55.8453		4 August	60.7503		58.2982
2018		28 February	55.6717		12 September	69.9744		62.9502
2019		26 December	61.7164		15 January	67.1920		64.6184
2020		10 January	61.0548		18 March	80.8692		72.4388
2021		27 October	69.5526		8 April	77.7730		73.6628
2022		30 June	51.1580		11 March	120.3785		68.4869
Source: USD exchange rates in RUB, Bank of Russia^[75]

Most traded currencies by value
Currency distribution of global foreign exchange market turnover^[76]

• v
• t
• e

Rank	Currency	ISO 4217 code	Symbol or abbreviation	Proportion of daily volume, April 2019	Proportion of daily volume, April 2022
1	U.S. dollar	USD	US$	88.3%	88.5%
2	Euro	EUR	€	32.3%	30.5%
3	Japanese yen	JPY	¥ / 円	16.8%	16.7%
4	Sterling	GBP	£	12.8%	12.9%
5	Renminbi	CNY	¥ / 元	4.3%	7.0%
6	Australian dollar	AUD	A$	6.8%	6.4%
7	Canadian dollar	CAD	C$	5.0%	6.2%
8	Swiss franc	CHF	CHF	4.9%	5.2%
9	Hong Kong dollar	HKD	HK$	3.5%	2.6%
10	Singapore dollar	SGD	S$	1.8%	2.4%
11	Swedish krona	SEK	kr	2.0%	2.2%
12	South Korean won	KRW	₩ / 원	2.0%	1.9%
13	Norwegian krone	NOK	kr	1.8%	1.7%
14	New Zealand dollar	NZD	NZ$	2.1%	1.7%
15	Indian rupee	INR	₹	1.7%	1.6%
16	Mexican peso	MXN	$	1.7%	1.5%
17	New Taiwan dollar	TWD	NT$	0.9%	1.1%
18	South African rand	ZAR	R	1.1%	1.0%
19	Brazilian real	BRL	R$	1.1%	0.9%
20	Danish krone	DKK	kr	0.6%	0.7%
21	Polish złoty	PLN	zł	0.6%	0.7%
22	Thai baht	THB	฿	0.5%	0.4%
23	Israeli new shekel	ILS	₪	0.3%	0.4%
24	Indonesian rupiah	IDR	Rp	0.4%	0.4%
25	Czech koruna	CZK	Kč	0.4%	0.4%
26	UAE dirham	AED	د.إ	0.2%	0.4%
27	Turkish lira	TRY	₺	1.1%	0.4%
28	Hungarian forint	HUF	Ft	0.4%	0.3%
29	Chilean peso	CLP	CLP$	0.3%	0.3%
30	Saudi riyal	SAR	﷼	0.2%	0.2%
31	Philippine peso	PHP	₱	0.3%	0.2%
32	Malaysian ringgit	MYR	RM	0.2%	0.2%
33	Colombian peso	COP	COL$	0.2%	0.2%
34	Russian ruble	RUB	₽	1.1%	0.2%
35	Romanian leu	RON	L	0.1%	0.1%
36	Peruvian sol	PEN	S/	0.1%	0.1%
37	Bahraini dinar	BHD	.د.ب	0.0%	0.0%
38	Bulgarian lev	BGN	BGN	0.0%	0.0%
39	Argentine peso	ARS	ARG$	0.1%	0.0%
…	Other			1.8%	2.3%
Total^[note 1]				200.0%	200.0%

1. The total sum is 200% because each currency trade always involves a currency pair; one currency is sold (e.g. US$) and another bought (e.g. €). Therefore each trade is counted twice, once under the currency sold ($) and once under the currency bought (€). The percentages above are the percent of trades involving that currency regardless of whether it is bought or sold, e.g. the US dollar is bought or sold in 88% of all trades, whereas the euro is bought or sold in 31% of them.

See also

• Belarusian ruble
• Transnistrian ruble

Notes

1. Abkhaz: амааҭ amaat; Bashkir: һум hum; Chuvash: тенкĕ tenke; Komi: шайт shayt; Lak: къуруш k'urush; Mari: теҥге tenge; Ossetian: сом som; Tatar: сум sum; Udmurt: манет manet; Yakut: солкуобай solkuobay
2. Tatar: тиен tiyen; Bashkir: тин tin; Chuvash: пус pus; Ossetian: капекк kapekk; Udmurt: коны kony; Mari: ыр yr; Yakut: харчы harchy
3. Albania, Australia, Austria, Belgium, Bulgaria, Canada, Croatia, Cyprus, Czechia, Denmark, Estonia, Finland, France, Georgia, Germany, Greece, Hungary, the Republic of Ireland, Italy, Japan, Latvia, Lithuania, Luxembourg, Malta, Montenegro, the Netherlands, New Zealand, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, Switzerland, Ukraine, the United Kingdom, the United States.

References

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Sources

• Krause, Chester L.; Clifford Mishler (1991). Standard Catalog of World Coins: 1801–1991 (18th ed.). Krause Publications. ISBN 0873411501.
• Pick, Albert (1994). Standard Catalog of World Paper Money: General Issues. Colin R. Bruce II and Neil Shafer (editors) (7th ed.). Krause Publications. ISBN 0-87341-207-9.

External links

 

Wikimedia Commons has media related to Russian ruble.

• Official website of Goznak (in English and Russian)
• Russian Ruble (Catalog of banknotes) (in English and Russian)
• Foreign Currency Market | Bank of Russia (in English and Russian)
• Russian Currency Exchange Rate History
• (archived 15 May 2010)
• History of the Russian paper money ( 5 January 2020 at the Wayback Machine)
• Images of historic and modern Russian bank notes
• Coins of Russia at CISCoins.net (in English, Spanish, and Russian)
• Historical and current banknotes of Russia (in English, German, and French)
• including banknotes of the Soviet Union (in English, German, and French)