Russian ruble

The Russian ruble or rouble (Russian: рубль rublʹ; sign: ₽, руб; code: RUB) is the currency of the Russian Federation, the two partially recognised republics of Abkhazia and South Ossetia and the two unrecognised republics of Donetsk and Luhansk. The ruble is subdivided into 100 kopeks (sometimes written as kopecks or copecks; Russian: копе́йка kopeyka, plural: копе́йки kopeyki).

Russian ruble
Российский рубль (Russian)[note 1]
Common banknotes in circulation: 50₽, 100₽, 500₽ and 1,000₽Coins
ISO 4217
CodeRUB
Number643
Exponent2
Denominations
Subunit
 ​1⁄100kopeyka (копейка)[note 2]
PluralThe language(s) of this currency belong(s) to the Slavic languages. There is more than one way to construct plural forms.
Symbol₽, руб / р. (colloquially)
 kopeyka (копейка)[note 3]коп. / к.
Banknotes
 Freq. used50₽, 100₽, 200₽, 500₽, 1,000₽, 2,000₽, 5,000₽
 Rarely used5₽, 10₽
Coins
 Freq. used1₽, 2₽, 5₽, 10₽
 Rarely used1 коп., 5 коп., 10 коп., 50 коп.
Demographics
Official user(s) Russia
Unofficial user(s)
Issuance
Central bankBank of Russia
 Websitewww.cbr.ru
PrinterGoznak
 Websitewww.goznak.ru
MintMoscow Mint and Saint Petersburg Mint
Valuation
Inflation3.1% (April 2020)
 SourceBank of Russia
 MethodCPI

The ruble was the currency of the Russian Empire and of the Soviet Union (as the Soviet ruble). However, today only Russia, Belarus and Transnistria use currencies with the same name. The ruble was the first currency in Europe to be decimalised, in 1704, when the ruble became equal to 100 kopeks.

In September 1993 the Soviet ruble (code: SUR) was replaced with the Russian ruble (code: RUR) at the rate 1 SUR = 1 RUR. In 1998 preceding the financial crisis, the Russian ruble was redenominated with the new code "RUB" and was exchanged at the rate of 1,000 RUR = 1 RUB.

History
Main article: Ruble

The ruble has been used in the Russian territories since the 14th century.[1] The modern Russian ruble was created in December 1991 and used in parallel with the Soviet ruble, which remained in circulation until September 1993. All Soviet coins issued between 1961 and 1991, as well as 1-, 2- and 3-kopek coins, issued before 1961, formally remained legal tender until 31 December 1998, and in 1999–2001 they were exchanged for Russian rubles at the ratio of 1000:1.[2]

First ruble – RUR (1992–1998)
Further information: Soviet ruble and Monetary reform in Russia, 1993

Following the breakup 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 Russian ruble with the ISO 4217 code RUR and number 810 replaced the Soviet ruble at the rate 1 SUR = 1 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.[3] 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 coin was regularly issued. It is practically identical in size and weight to a 5-Swiss franc coin (worth approx. €4.39 / US$5.09 as of August 2018). For this reason, there have been several instances of (now worthless) ruble coins being used on a large scale to defraud automated vending machines in Switzerland.[4]

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 breakup 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
SeriesValueObverseReverseIssuerLanguages
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 new ruble = 1,000 old rubles. The 1,000 ruble note did not continue as a 1 new ruble note.

Second ruble – RUB (1998–present)
See also: Monetary reform in Russia, 1998
Worldwide official use of foreign currency or pegs. The ruble is used in Russia and the partially recognized states of Abkhazia, South Ossetia, Donetsk People's Republic, and Luhansk People's Republic.
  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

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. The redenomination was an administrative step that reduced the unwieldiness of the old ruble[5] but occurred on the brink of the 1998 Russian financial crisis.[6] The ruble lost 70% of its value against the US dollar in the six months following this financial crisis.

Ruble symbol
Main article: Ruble sign
Not to be confused with the Armenian letter ք.
The "ruble" symbol used throughout the 17th century, composed of the Russian letters "Р" and "У".
The ruble sign since 2013

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° counter-clockwise) and "У" (written on top of it). The symbol was placed over the amount number it belonged to.[7] This symbol, however, fell into disuse by the mid-19th century.[8]

No official symbol was used during the final years of the Empire, nor was one introduced in the Soviet Union. The characters R[9][10] and руб. were used and remain in use today, though they are not official.[11]

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.[12] However, one more symbol, a Р with a horizontal stroke below the top similar to the Philippine peso sign, was proposed unofficially.[12] Proponents of the new sign claimed that it is simple, recognizable and similar to other currency signs.[13][14][15] 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,[16][17] though the abbreviation "руб." is in wide use. In Unicode version 7.0 it was assigned the encoding U+20BD ₽ RUBLE SIGN (HTML ₽).[18][19]

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;[20] the symbol was then included into Unicode 7.0 released on 16 June 2014.[21] In August 2014, Microsoft issued updates for all of its mainstream versions of Microsoft Windows that enabled support for the new ruble sign.[22]

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:

Currently circulating coins[23]
ImageValueTechnical parametersDescriptionYears of minting
ReverseObverseDiameterMassCompositionEdgeObverseReverse
1 коп. 15.5 mm 1.5 g[24] Cupronickel-steel Plain Saint George Value
  • 1997–2009
  • 2014, 2017
5 коп. 18.5 mm 2.6 g[25]
10 коп. 17.5 mm 1.95 g[26] Brass Reeded Saint George Value 1997–2006
1.85 g Brass-plated steel Plain 2006–2015
50 коп. 19.5 mm 2.90 g[27] 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

One- and 5-kopek coins are rarely used (especially the 1-kopek coin) due to their low value and in some cases may not be accepted by stores or individuals. In some cases, the 10-kopek coin is disregarded (refused by individuals but is accepted by vendors and is mandatory for offer in exchange).

These coins began being issued in 1998, although some of them bear the year 1997. Kopek 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 kopeks and the logo of either the Saint Petersburg or Moscow mint on rubles. Since 2000, many bimetallic 10-ruble circulating commemorative coins have been issued. These coins have a unique holographic security feature inside the "0" of the denomination 10.

In 2008, the Bank of Russia proposed withdrawing 1- and 5-kopek 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). The Bank of Russia stopped minting one-kopek and five-kopek coins in 2012, and kopeks completely in 2018.[28]

The material of 1-, 2- and 5-ruble coins was switched from copper-nickel-zinc and copper-nickel clad to nickel-plated steel in the second quarter of 2009. Ten and 50 kopeks were also changed from brass to brass-plated steel.

In October 2009, a new 10-ruble coin made of brass-plated steel was issued, featuring optical security features.[29] The 10-ruble banknote would have been withdrawn in 2012, but a shortage of 10-ruble coins prompted the Central Bank to delay this and put new ones in circulation.[30] Bimetallic commemorative 10-ruble coins will continue to be issued.

A series of circulating Olympic commemorative 25-ruble coins started in 2011. The new coins are made of cupronickel.[31] 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 rubles.[32]

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.[33] In September 2016, a vote was held to decide which symbols and cities will be displayed on the new notes.[34] 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.[35]

In 2018 the Central Bank issued a 100-ruble "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 its own Automated Teller Machines (ATMs) to recognize or accept it.[36]

1997 series[37]
ImageValueDimensionsDescriptionDate of
ObverseReverseObverseReverseWatermarkprinting*issuewithdrawallapse
5 ₽ 137 × 61 mm The Millennium of Russia monument on background of Saint Sophia Cathedral in Veliky Novgorod Fortress wall of the Novgorod Kremlin "5", Saint Sophia Cathedral in Novgorod 1997 1 January 1998 Current, but not issued since 2001. Very rarely seen in circulation.
10 ₽ 150 × 65 mm Kommunalny Bridge across the Yenisei River in Krasnoyarsk and Paraskeva Pyatnitsa Chapel Krasnoyarsk hydroelectric plant "10", Paraskeva Pyatnitsa Chapel
  • 1997
  • 2001
  • 2004
 Current, but not issued since January 2010. Still in use, but rarely seen in circulation.
50 ₽ A Rostral Column sculpture on background of Petropavlosk Fortress in Saint Petersburg Old Saint Petersburg Stock Exchange and Rostral Columns "50", Peter and Paul Cathedral Current
100 ₽ Quadriga on the portico of the Bolshoi Theatre in Moscow The Bolshoi Theatre "100", The Bolshoi Theatre
500 ₽ Monument to Peter the Great, sailing ship and sea terminal in Arkhangelsk[38] Solovetsky Monastery "500", Monument to Peter the Great
  • 1997
  • 2001
  • 2004
  • 2010
 1 January 1998
1,000 ₽ 157 × 69 mm Monument to Yaroslav I the Wise and the Lady of Kazan Chapel in Yaroslavl John the Baptist Church in Yaroslavl "1,000", Monument to Yaroslav I the Wise
  • 1997
  • 2004
  • 2010
 1 January 2001
5,000 ₽ Monument to Nikolay Muravyov-Amursky in Khabarovsk Khabarovsk Bridge over the Amur "5,000", Head of the monument to Muravyov-Amursky
  • 1997
  • 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 series[37]
ImageValueDimensionsDescriptionDate of
ObverseReverseObverseReverseWatermarkprintingissuewithdrawallapse
200 ₽ 150 × 65 mm View of Sevastopol and the Monument to the Sunken Ships (by sculptor Amandus Adamson) View of Chersonesus Monument to the Sunken Ships and electrotype "200" 2017 12 October 2017 Current
2,000 ₽ 157 × 69 mm Russky Bridge Vostochny Cosmodrome Russky Bridge and electrotype "2000" 2017 12 October 2017

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 Moscow and at the Saint Petersburg Mint, which has been operating since 1724.

100-ruble bill controversy

On 8 July 2014 State Duma deputy and Vice-Chairman of the Duma Regional Political Committee Roman Khudyakov alleged that the image of Apollo driving Quadriga on the portico of the Bolshoi Theatre in Moscow on the 100-ruble 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.[39]

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."[40][41] 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 the vast majority of UN member states.[42] The NBU stated that the ban applies to all financial operations, including cash transactions, currency exchange activities and interbank trade.[43] Crimea is featured on three banknotes that are currently in circulation – the 100 ruble commemorative notes issued in 2015 and 2018, as well as the 200 ruble note issued in 2017.

Commemorative banknotes
Commemorative banknote series[44]
ImageValueDimensionsDescriptionDate of
ObverseReverseObverseReverseWatermarkprinting*issuewithdrawallapse
100 ₽ 150 × 65 mm A snowboarder and some of the Olympic venues of the Sochi coastal cluster. Fisht Olympic Stadium in Sochi 2014 Winter Olympics logo 2014 30 October 2013 Current
100 ₽ 150 × 65 mm Monument to Sunken Ships in Sevastopol bay and a fragment of a painting by Ivan Aivazovsky. Swallow's Nest castle, Yevpatoria RT-70 radio telescope, 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 the Russia's territory (including 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-ruble 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.[45] 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
Most traded currencies by value
Currency distribution of global foreign exchange market turnover[46]
RankCurrencyISO 4217 code
(symbol)		% of daily trades
(bought or sold)
(April 2019)
1
 United States dollar
USD (US$)
88.3%
2
 Euro
EUR (€)
32.3%
3
 Japanese yen
JPY (¥)
16.8%
4
 Pound sterling
GBP (£)
12.8%
5
 Australian dollar
AUD (A$)
6.8%
6
 Canadian dollar
CAD (C$)
5.0%
7
 Swiss franc
CHF (CHF)
5.0%
8
 Renminbi
CNY (元)
4.3%
9
 Hong Kong dollar
HKD (HK$)
3.5%
10
 New Zealand dollar
NZD (NZ$)
2.1%
11
 Swedish krona
SEK (kr)
2.0%
12
 South Korean won
KRW (₩)
2.0%
13
 Singapore dollar
SGD (S$)
1.8%
14
 Norwegian krone
NOK (kr)
1.8%
15
 Mexican peso
MXN ($)
1.7%
16
 Indian rupee
INR (₹)
1.7%
17
 Russian ruble
RUB (₽)
1.1%
18
 South African rand
ZAR (R)
1.1%
19
 Turkish lira
TRY (₺)
1.1%
20
 Brazilian real
BRL (R$)
1.1%
21
 New Taiwan dollar
TWD (NT$)
0.9%
22
 Danish krone
DKK (kr)
0.6%
23
 Polish złoty
PLN (zł)
0.6%
24
 Thai baht
THB (฿)
0.5%
25
 Indonesian rupiah
IDR (Rp)
0.4%
26
 Hungarian forint
HUF (Ft)
0.4%
27
 Czech koruna
CZK (Kč)
0.4%
28
 Israeli new shekel
ILS (₪)
0.3%
29
 Chilean peso
CLP (CLP$)
0.3%
30
 Philippine peso
PHP (₱)
0.3%
31
 UAE dirham
AED (د.إ)
0.2%
32
 Colombian peso
COP (COL$)
0.2%
33
 Saudi riyal
SAR (﷼)
0.2%
34
 Malaysian ringgit
MYR (RM)
0.1%
35
 Romanian leu
RON (L)
0.1%
Other2.2%
Total[note 5]200.0%

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.[47]

International trade

On 23 November 2010, at a meeting of Russian President 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.[48][49]

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.[50]

Exchange rates
Cost of one Russian ruble per U.S. dollar between 2014-2017
Cost of one Russian ruble per Euro from 2005

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.[51][52][53][54][55][56] 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.[51][57]

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[58] 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.[59]

Russian rubles per USD 1998–2019
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 27.1910
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
Source: USD exchange rates in RUB, Bank of Russia[60]

Exchange rates
Current RUB exchange rates
From Google Finance: AUD CAD CHF EUR GBP HKD JPY USD CNY INR
From Yahoo! Finance: AUD CAD CHF EUR GBP HKD JPY USD CNY INR
From XE.com: AUD CAD CHF EUR GBP HKD JPY USD CNY INR
From OANDA: AUD CAD CHF EUR GBP HKD JPY USD CNY INR
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Trivia
  • In the countries of the former USSR there is a tradition associated with the colour of money. Denominations of 10 almost always have a red tinge, and are called "chervonets" (Russian: червонец), which comes from the old Russian word "chervony" (Russian: червоный) meaning "red". In the Russian Empire, the high-grade gold from which the coins were made was called "red gold". Then the corresponding denominations worth 10 rubles began to be issued with a red tinge that were subject to exchange for gold. In the USSR (which included almost all the regions of the former Russian Empire) in the early 1920s, banknotes of one chervonets were also issued, which were provided with gold.

Notes
  1. Abkhazian: 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. Tatar: тиен tiyen; Bashkir: тин tin; Chuvash: пус pus; Ossetian: капекк kapekk; Udmurt: коны kony; Mari: ыр yr; Yakut: харчы harchy
  4. Donetsk and Luhansk are recognized by the partially recognized South Ossetia, though lack recognition from member states of the United Nations, including Russia. (Reference: Donetsk People's Republic#Recognition)
  5. The total sum is 200% because each currency trade always involves a currency pair; one currency is sold (e.g. US$) and another bought (€). Therefore each trade is counted twice, once under the sold currency ($) and once under the bought currency (€). The percentages above are the percent of trades involving that currency regardless of whether it is bought or sold, e.g. the U.S. Dollar is bought or sold in 88% of all trades, whereas the Euro is bought or sold 32% of the time.
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References

Citations
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Sources
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