Russian ruble#Currency symbol

The ruble has been used in Russian territories since the 14th century,{{Cite news|url=https://www.bbc.com/russian/features-36735256 |title=Рубль: одно название за 700 лет и еще 21 факт |trans-title=Ruble: one name for 700 years and 21 more facts |last=Кречетников |first=Артем |date=2016-07-07 |work=BBC News Русская служба |access-date=2018-10-31|archive-date=10 July 2018|archive-url=https://web.archive.org/web/20180710031012/https://www.bbc.com/russian/features-36735256|url-status=live}} and is the second-oldest currency still in circulation, behind sterling.{{Cite web |url=https://www.investopedia.com/terms/forex/r/rub-russian-ruble.asp |title=Russian ruble facts |access-date=5 February 2022 |archive-date=5 February 2022 |archive-url=https://web.archive.org/web/20220205170622/https://www.investopedia.com/terms/forex/r/rub-russian-ruble.asp |url-status=live }}{{sfn|Erdmann|2021|p=83}} Historically, the grivna, ruble and denga were used across Russian territories as measurements of weight.{{sfn|Snodgrass|2019|p=272}} As a result of monetary reforms by Peter the Great, the ruble was minted in Russia as a circulating coin in 1704, shortly 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.{{Cite web |last=Miate |first=Liana |title=The Reforms of Peter the Great |url=https://www.worldhistory.org/article/2304/the-reforms-of-peter-the-great/ |access-date=2024-05-07 |website=World History Encyclopedia |language=en}} The silver ruble was used until 1897, and the gold ruble was used until 1917.

The Soviet ruble officially replaced the imperial ruble in 1922 and continued to be used until 1993, when it was formally replaced with the Russian ruble in the Russian Federation and by other currencies in other post-Soviet states. 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.

According to one version, the word "ruble" is derived from the Russian verb рубить (rubit), "to cut, to chop, to hack", as a ruble was considered a cutout piece of a silver grivna.{{sfn|Snodgrass|2019|p=272}}{{sfn|Kuroda|2020|p=85}} According to Ivan Kondratyev:

{{blockquote|Rubles were parts of the grivna or pieces of silver with notches indicating their weight. Each grivna was divided into four parts; the name "ruble" came from the word "cut" because the silver rod weighing 1 grivna was split into four parts, which were called rubles.[http://www.rusarch.ru/kondratiev1.htm Кондратьев И. К. Седая старина Москвы. М., 1893.] {{Webarchive|url=https://web.archive.org/web/20200807183228/http://rusarch.ru/kondratiev1.htm |date=7 August 2020 }}

In Russian:

Рубли были частями гривны или кусками серебра с зарубками, означавшими их вес. Каждая гривна разделялась на четыре части; название же рубль произошло от слова «рубить», потому что прут серебра в гривну весом разрубался на четыре части, которые и назывались рублями.}}

Others say the ruble was never part of a grivna but a synonym for it. This is attested in a 13th-century birch bark manuscript from Novgorod, where both ruble and grivna referred to {{convert|204|g|ozt|abbr=off}} of silver.{{cite book|last1=Kamentseva|first1=E.|last2=Ustyugov|first2=N.|title=Russkaya metrologiya|script-title=ru:Русская метрология|date=1975|language=ru}} The casting of these pieces included some sort of cutting (the exact technology is unknown), hence the name from рубить (rubit).{{cite book|last=Spassky|first=I. G.|title=Russkaya monetnaya sistema|script-title=ru:Русская монетная система|place=Leningrad|date=1970|language=ru}}{{Vasmer|Рубль}} Another version of the word's origin is that it comes from the Russian noun рубец (rubets), the seam that is left around a silver bullions after casting: silver was added to the cast in two steps. Therefore, the word "ruble" means "a cast with a seam".Sergey Khalatov. [http://www.statesymbol.ru/currency/20050421/39595617.html History of Ruble and Kopek] {{Webarchive|url=https://web.archive.org/web/20070926220656/http://www.statesymbol.ru/currency/20050421/39595617.html |date=26 September 2007 }} on "Collectors' Portal UUU.RU" {{in lang|ru}} A popular theory deriving the word ruble from rupee is probably not correct.{{cite web | url=http://starling.rinet.ru/cgi-bin/response.cgi?root=%2Fusr%2Flocal%2Fshare%2Fstarling%2Fmorpho&morpho=1&basename=morpho%5Cvasmer%5Cvasmer&first=1&off=&text_word=%D0%A0%D1%83%D0%B1%D0%BB%D1%8C&method_word=substring&ic_word=on&text_general=&method_general=substring&ic_general=on&text_origin=&method_origin=substring&ic_origin=on&text_trubachev=&method_trubachev=substring&ic_trubachev=on&text_editorial=&method_editorial=substring&ic_editorial=on&text_pages=&method_pages=substring&ic_pages=on&text_any=&method_any=substring&sort=word&ic_any=on | title=Рубль | author=Vasmer, Max | website=Vasmer Etymological dictionary | access-date=29 July 2015 | archive-date=5 October 2015 | archive-url=https://web.archive.org/web/20151005070523/http://starling.rinet.ru/cgi-bin/response.cgi?root=%2Fusr%2Flocal%2Fshare%2Fstarling%2Fmorpho&morpho=1&basename=morpho%5Cvasmer%5Cvasmer&first=1&off=&text_word=%D0%A0%D1%83%D0%B1%D0%BB%D1%8C&method_word=substring&ic_word=on&text_general=&method_general=substring&ic_general=on&text_origin=&method_origin=substring&ic_origin=on&text_trubachev=&method_trubachev=substring&ic_trubachev=on&text_editorial=&method_editorial=substring&ic_editorial=on&text_pages=&method_pages=substring&ic_pages=on&text_any=&method_any=substring&sort=word&ic_any=on | url-status=live }}

The ruble was the Russian equivalent of the mark, a measurement of weight for silver and gold used in medieval Western Europe. The weight of one ruble was equal to the weight of one grivna. Since the monetary reform of 1534, one Russian accounting ruble became equivalent to 100 silver Novgorod denga coins or smaller 200 Moscow denga coins or even smaller 400 polushka coins. Exactly the former coin with a rider on it soon became colloquially known as kopecks and was the higher coin until the beginning of the 18th century. Silver ruble coins entered circulation in 1654 but it was not until during the reign of Peter the Great did Russia completely shift to domestically minted silver ruble coins. In 1704, he reformed the old monetary system and ordered mintage of a {{cvt|28|g|ozt}} silver ruble coin equivalent to 100 new copper kopeck coins. Apart from one ruble and one kopeck coins, other smaller and greater coins existed as well.{{cite web |title=The Russian Monetary System from the Kievan Empire to 1897 |url=https://www.moneymuseum.com/pdf/yesterday/05_Modern_Times/51_The%20Russian%20Monetary%20System%20from%20the%20Kievan%20Empire%20to%201897.pdf |publisher=moneymuseum.com |access-date=11 January 2025 }}

Both the spellings ruble and rouble are used in English, depending on the author's native dialect. The earliest use recorded in English is the now completely obsolete robble. The form rouble is preferred by the Oxford English Dictionary and probably derives from the transliteration into French used among the Tsarist aristocracy. It may have been retained in English to avoid confusion with "rubble". In general, American, and some Canadian, authors tend to use "ruble" while other English-speaking authors use "rouble". In American English there is a tendency for older sources to use rouble and more recent ones to use ruble. However, usage is not consistent and major publications are known to use both (though usually preferring one or the other).

The Russian plurals that may be seen on the actual currency are modified according to Russian grammar. Numbers ending in 1 (except for 11) are followed by nominative singular рубль rubl, копейка kopeyka. Numbers ending in 2, 3 or 4 (except for 12–14) are followed by genitive singular рубля rublya, копейки kopeyki. Numbers ending in 5–9, 0, or 11–14 are followed by genitive plural рублей rubley, копеек kopeyek.

In several languages spoken in Russia and the former Soviet Union, the currency name has no etymological relation with ruble. Especially in Turkic languages or languages influenced by them, the ruble is often known (also officially) as som or sum (meaning pure), or manat (from Russian moneta, meaning coin). Soviet ruble banknotes had their value printed in the languages of all 15 republics of the Soviet Union.

The coinage system in medieval Russia was connected to a system of weights.{{cite book |last1=Feldbrugge |first1=Ferdinand J. M. |title=A History of Russian Law: From Ancient Times to the Council Code (Ulozhenie) of Tsar Aleksei Mikhailovich of 1649 |date=2 October 2017 |publisher=BRILL |isbn=978-90-04-35214-8 |url=https://www.google.com/books/edition/A_History_of_Russian_Law/TDI9DwAAQBAJ |language=en}}{{rp|page=984}} The grivna was used in Russia as the basic monetary unit, but during the 14th and 15th centuries, it was replaced by the ruble as the primary accounting unit.{{rp|pages=983–985}} The first chronicle mention of the ruble as an accounting unit is found under the year 1316. In the second half of the 14th century, Dmitry Donskoy issued the ruble and a smaller coin known as the denga ({{plural form|dengi}}).{{sfn|Snodgrass|2019|p=87}}{{cite book |last1=Johnston |first1=Ruth A. |title=All Things Medieval: An Encyclopedia of the Medieval World [2 volumes] |date=15 August 2011 |publisher=Bloomsbury Publishing USA |isbn=978-0-313-36463-1 |page=178 |url=https://www.google.com/books/edition/All_Things_Medieval/JRfOEAAAQBAJ |language=en}} The relative value of the ruble differed between regions in the country.{{rp|page=984}} In the Sudebnik of 1497, the ruble was equal to 200 dengi and the altyn was equal to 6 dengi.{{rp|page=1015}}

There were two variants of the denga, minted in Novgorod and Moscow. The weight of a denga silver coin was unstable and inflating, but by 1535, following the monetary reform of Elena Glinskaya, one Novgorod denga weighed {{cvt|0.68|g|ozt}}, the Moscow denga being a half that of the Novgorod denga. Thus, one accounting ruble consisted of 100 Novgorod or 200 Moscow dengi ({{cvt|68|g|ozt}} of silver). As the Novgorod denga bore the image of a rider with a spear ({{langx|ru|копьё, kop’yo}}), it later has become known as the kopeck. In the 17th century, the weight of a kopeck coin reduced to {{convert|0.48|g|ozt|abbr=on}}, thus one ruble was equal to {{convert|48|g|ozt|abbr=on}} of silver.

In 1654–1655, Tsar Alexis of Russia carried out a monetary reform and ordered the mintage of silver one ruble coins from imported joachimsthalers and new kopeck coins from copper (old silver kopecks were left in circulation). Although around a million of such rubles was made, its lower weight (28–32 grams) against the nominal ruble (48 g) led to counterfeiting, speculation and inflation, and after the Copper Riot of 1662, the new monetary system was abandoned in favour of the old one.

File:Russian Empire 1912 500 rub Obverse.jpg and a personification of Mother Russia, 1912]]

File:Russian Empire-1898-Bill-1-Reverse.jpg one ruble note, obverse, stating its gold equivalence 17.424 dolya or 0.77424 gram.]]

In 1704, Peter the Great finally reformed the old Russian monetary system, minting a silver ruble coin of weight {{cvt|28.1|g|ozt}} and 72% fineness; hence 20.22 g fine silver.{{efn|Gross weight 433 grains, net weight 312.1 grains, hence fineness 72%.{{cite book |title=The Universal Cambist and Commercial Instructor, Being a Full and Accurate Treatise on the Exchanges, Monies, Weights and Measures of All Trading Nations and Their Colonies |first=Patrick |last=Kelly |year=1821 |url=https://archive.org/details/b22012060_0001/page/299/mode/1up }}{{failed verification|date=December 2022}} Source does not give 1704 Ukase anywhere in the book?}} The decision to subdivide it primarily into 100 copper kopecks, rather than 200 Moscow denga, made the Russian ruble the world's first decimal currency.

The amount of silver in a ruble varied in the 18th century. Additionally, coins worth over a ruble were minted in gold and platinum. By the end of the 18th century, the ruble was set to 4 zolotnik 21 dolya (or 4{{frac|21|96}} zolotnik, almost exactly equal to 18 grams) of pure silver or 27 dolya (almost exactly equal to {{cvt|1.2|g|ozt}}) of pure gold, with a ratio of 15:1 for the values of the two metals. In 1828, platinum coins were introduced with 1 ruble equal to 77{{frac|2|3}} dolya (3.451 grams).

On 17 December 1885, a new standard was adopted which did not change the silver ruble but reduced the gold content to 1.161 grams, pegging the gold ruble to the French franc at a rate of 1 ruble = 4 francs. This rate was revised in 1897 to 1 ruble = 2{{frac|2|3}} francs (17.424 dolya or 0.77424 g fine gold). This ruble was worth about US$0.5145 in 1914.based on ratio of gold content between ruble 0.77424 g vs United States dollar 23.22 grains = 1.50463 g{{cite web |url=http://www.cyberussr.com/hcunn/gold-std.html |title=Gold and Silver Standards |publisher=Cyberussr.com |access-date=2015-08-30 |archive-date=18 August 2014 |archive-url=https://web.archive.org/web/20140818064041/http://www.cyberussr.com/hcunn/gold-std.html |url-status=live }}{{cite web |url=http://www.dollartimes.com/inflation/inflation.php?amount=100000&year=1914 |title=Calculate the value of $100000 in 1914 – Inflation on 100000 dollars |publisher=DollarTimes.com |access-date=2015-08-30 |archive-date=31 March 2017 |archive-url=https://web.archive.org/web/20170331032042/http://www.dollartimes.com/inflation/inflation.php?amount=100000&year=1914 |url-status=live }}

With the outbreak of World War I, the gold standard peg was dropped and the ruble fell in value, suffering from hyperinflation in the early 1920s. With the founding of the Soviet Union in 1922, the Russian ruble was replaced by the Soviet ruble. The pre-revolutionary Chervonetz was temporarily brought back into circulation from 1922 to 1925.La Crise de la Monnaie Anglaise (1931), Catiforis S.J. Recueil Sirey, 1934, Paris

File:Russia 1771 Sestroretsk Rouble.jpg).{{Citation| title = Catherine II. Novodel Sestroretsk Rouble 1771| publisher = Heritage Auctions| url = http://coins.ha.com/itm/russia/russia-catherine-ii-novodel-sestroretsk-rouble-1771-romanov-eagle-with-date-on-breast-within-wreath-crown-over-value-in-two-line/a/410-14564.s?type=| access-date = 1 September 2015| archive-date = 22 April 2016| archive-url = https://web.archive.org/web/20160422100207/http://coins.ha.com/itm/russia/russia-catherine-ii-novodel-sestroretsk-rouble-1771-romanov-eagle-with-date-on-breast-within-wreath-crown-over-value-in-two-line/a/410-14564.s?type=| url-status = live}} It is 1mm larger and thicker than a standard hockey puck.]]

By the beginning of the 19th century, copper coins were issued for {{frac|4}}, {{frac|2}}, 1, 2 and 5 kopecks, with silver 5, 10, 25 and 50 kopecks and 1 ruble and gold 5, although production of the 10 ruble coin ceased in 1806. Silver 20 kopecks were introduced in 1820, followed by copper 10 kopecks minted between 1830 and 1839, and copper 3 kopecks introduced in 1840. Between 1828 and 1845, platinum 3, 6 and 12 rubles were issued. In 1860, silver 15 kopecks were introduced, due to the use of this denomination (equal to 1 złoty) in Poland, whilst, in 1869, gold 3 rubles were introduced.{{cite web |url=http://www.pjsymes.com.au/articles/three.htm |title=Currency of Three |author=Peter Symes |publisher=Pjsymes.com.au |access-date=2015-08-30 |archive-date=24 September 2015 |archive-url=https://web.archive.org/web/20150924073808/http://www.pjsymes.com.au/articles/three.htm |url-status=live }}

In 1886, a new gold coinage was introduced consisting of 5 and 10 ruble coins. This was followed by another, in 1897. In addition to smaller 5 and 10 ruble coins, {{frac|7|1|2}} and 15 ruble coins were issued for a single year, as these were equal in size to the previous 5 and 10 ruble coins. The gold coinage was suspended in 1911, with the other denominations produced until the First World War.

The Constantine ruble (Russian: {{lang|ru|константиновский рубль}}, {{lang|ru-Latn|konstantinovsky rubl'}}) is a rare silver coin of the Russian Empire bearing the profile of Constantine, the brother of emperors Alexander I and Nicholas I. Its manufacture was being prepared at the Saint Petersburg Mint during the brief Interregnum of 1825, but it was never minted in numbers, and never circulated in public. Its existence became known in 1857 in foreign publications.By 1880 Russian numismatists were well aware of the existence of Constantine rubles, but their first printed description was published only in 1886 – Kalinin, [http://www.arcamax.ru/books/const/kalin01.htm p.1] {{Webarchive|url=https://web.archive.org/web/20130727160938/http://www.arcamax.ru/books/const/kalin01.htm |date=27 July 2013 }}.

File:25 rublej 1769 goda..jpg

File:Russian Empire-1898-Bill-1-Obverse.jpg one ruble banknote, reverse]]

In 1768, during the reign of Catherine the Great, the Russian Assignation Bank was instituted to issue the government paper money. It opened in Saint Petersburg and in Moscow in 1769.{{cite book |title=Central Banking before 1800: A Rehabilitation |author=Ulrich Bindseil |publisher=Oxford University Press |date=2019}}

In 1769, Assignation rubles were introduced for 25, 50, 75 and 100 rubles, with 5 and 10 rubles added in 1787 and 200 rubles in 1819. The value of the Assignation rubles fell relative to the coins until, in 1839, the relationship was fixed at 1 silver ruble = {{frac|3|1|2}} assignat rubles. In 1840, the State Commercial Bank issued 3, 5, 10, 25, 50 and 100 ruble notes, followed by 50 ruble credit notes of the Custody Treasury and State Loan Bank.

In 1843, the Assignation Bank ceased operations, and state credit notes (Russian: {{lang|ru|государственные кредитные билеты}}, {{lang|ru-Latn|gosudarstvenniye kreditniye bilety}}) were introduced in denominations of 1, 3, 5, 10, 25, 50 and 100 rubles. In 1859 a paper credit ruble was worth about nine-tenths of a silver rubleJerome Blum, The End of the Old Order in Rural Europe, 1978, p169 These circulated, in various types, until the revolution, with 500 ruble notes added in 1898 and 250 and 1,000 ruble notes added in 1917. In 1915, two kinds of small change notes were issued. One, issued by the Treasury, consisted of regular style (if small) notes for 1, 2, 3, 5 and 50 kopecks. The other consisted of the designs of stamps printed onto card with text and the imperial eagle printed on the reverse. These were in denominations of 1, 2, 3, 10, 15 and 20 kopecks.

In 1917, the Provisional Government issued treasury notes for 20 and 40 rubles. These notes are known as "Kerenki" or "Kerensky rubles". The provisional government also had 25 and 1,000 ruble state credit notes printed in the United States but most were not issued.

{{Main|Soviet ruble}}

Between 1917 and 1922, the Russian ruble was replaced by the Soviet ruble (ISO 4217 code: SUR) which, issued by the State Bank of the USSR, remained the sole currency of the Soviet Union, until its breakup in 1991. Afterwards, it continued to be used in the 15 Post-Soviet states until it was replaced by new national currencies by the end of 1992, and in the Russian Federation, the Russian ruble was reintroduced by 1992. The Central Bank of Russia responded in July 1992 by setting up restrictions on the flow of credit between Russia and other states. The final collapse of the "ruble zone" began with the exchange of banknotes by the Central Bank of Russia on Russian territory at the end of 1993. As a result, other countries still in the "ruble zone" were "pushed out".

{{Further|Soviet ruble|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.

Apart from Russia, the Russian ruble was used in eleven post-Soviet states, forming a "ruble zone" between 1992 and 1993. Russian ruble was used in Kyrgyzstan,{{cite web |title=ISO4217 AMENDMENT NUMBER 61 - 1993-07-27 |url=https://www.six-group.com/dam/download/financial-information/data-center/iso-currrency/amendments/dl_currency_iso_amendment_61.pdf}} Moldova{{cite web |title=ISO4217 AMENDMENT NUMBER 69 - 1993-12-03 |url=https://www.six-group.com/dam/download/financial-information/data-center/iso-currrency/amendments/dl_currency_iso_amendment_69.pdf}} and Turkmenistan{{cite web |title=ISO4217 AMENDMENT NUMBER 64 - 1993-09-21 |url=https://www.six-group.com/dam/download/financial-information/data-center/iso-currrency/amendments/dl_currency_iso_amendment_64.pdf}} until 1993, in Armenia,{{cite web |title=ISO4217 AMENDMENT NUMBER 78 - 1994-10-04 |url=https://www.six-group.com/dam/download/financial-information/data-center/iso-currrency/amendments/dl_currency_iso_amendment_78.pdf}} Azerbaijan, Belarus,{{cite web |title=ISO4217 AMENDMENT NUMBER 77 - 1994-07-20 |url=https://www.six-group.com/dam/download/financial-information/data-center/iso-currrency/amendments/dl_currency_iso_amendment_77.pdf}} Georgia,{{cite web |title=ISO4217 AMENDMENT NUMBER 71 - 1994-04-14 |url=https://www.six-group.com/dam/download/financial-information/data-center/iso-currrency/amendments/dl_currency_iso_amendment_71.pdf}} Kazakhstan{{cite web |title=ISO4217 AMENDMENT NUMBER 72 - 1994-05-17 |url=https://www.six-group.com/dam/download/financial-information/data-center/iso-currrency/amendments/dl_currency_iso_amendment_72.pdf}} and Uzbekistan{{cite web |title=ISO4217 AMENDMENT NUMBER 76 - 1994-07-12 |url=https://www.six-group.com/dam/download/financial-information/data-center/iso-currrency/amendments/dl_currency_iso_amendment_76.pdf}} until 1994, and in Tajikistan{{cite web |title=ISO4217 AMENDMENT NUMBER 84 - 1995-07-12 |url=https://www.six-group.com/dam/download/financial-information/data-center/iso-currrency/amendments/dl_currency_iso_amendment_84.pdf}} until 1995.

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.

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.{{cite news |url=http://zavtra.ru/content/view/bank-rossii-zamenit-na-monetah-emblemu-na-gerb-rossii/ |script-title=ru:Банк России заменит на монетах свою эмблему на герб России |trans-title=The Bank of Russia will replace its emblem on the coins with the coat of arms of Russia |work=Zavtra|date=30 December 2015 |access-date=5 March 2016| language=ru |archive-date=7 March 2016 |archive-url=https://web.archive.org/web/20160307214242/http://zavtra.ru/content/view/bank-rossii-zamenit-na-monetah-emblemu-na-gerb-rossii/|url-status=live}} 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.{{cite news|title=Mit alten Rubelmünzen Automaten am Zürcher HB geplündert |trans-title=Vending machines at Zurich main station looted with old ruble coins |publisher=Swissinfo |date=15 November 2006|url=http://www.swissinfo.org/ger/schweiz/ticker/index/Mit_alten_Rubelmuenzen_Automaten_am_Zuercher_HB_gepluendert.html?siteSect=113&sid=7262424&cKey=1163608880000|language=de|url-status=dead|archive-url=https://web.archive.org/web/20070930215833/http://www.swissinfo.org/ger/schweiz/ticker/index/Mit_alten_Rubelmuenzen_Automaten_am_Zuercher_HB_gepluendert.html?siteSect=113&sid=7262424&cKey=1163608880000|archive-date=30 September 2007}}

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.

{{See also|Monetary reform in Russia, 1998}}

File:RIAN archive 978876 Printing banknotes at Goznak factory in Perm.jpg factory in Perm in 2011.]]

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.{{cite web|url=http://www.businesspravo.ru/Docum/DocumShow_DocumID_63459.html |script-title=ru:Положение о порядке обмена денежной наличности физическим лицам в соответствии с указом президента Российской Федерации от 4 августа 1997 года n 822 "Об изменении нарицательной стоимости российских денежных знаков и масштаба цен". Положение. Центральный банк РФ (ЦБР). 15.12.98 63-П. Предпринимательское право |language=ru |trans-title=Regulations on the Procedure for the Exchange of Cash to Individuals in Accordance with the Decree of the President of the Russian Federation of 4 August 1997 N 822 "On Changes in the Nominal Value of Russian Money Signs and the Scale of Prices". Regulation. Central Bank of the Russian Federation (CBR). 12/15/98 63-P. Business Law |website=Предпринимательское право |access-date=2018-10-31 |archive-date=20 December 2016 |archive-url=https://web.archive.org/web/20161220103238/http://www.businesspravo.ru/Docum/DocumShow_DocumID_63459.html |url-status=live}} The redenomination was an administrative step that reduced the unwieldiness of the old ruble{{cite web |url=http://www.cnn.com/WORLD/9708/04/ruble.reform/|last1=Dougherty |first1=Jill |title=Russia to redenominate ruble |work=CNN |date=4 August 1997 |access-date=10 February 2015|archive-url=https://web.archive.org/web/20150210182713/http://www.cnn.com/WORLD/9708/04/ruble.reform/|archive-date=10 February 2015|url-status=live}} but occurred on the brink of the 1998 Russian financial crisis.{{cite web |last1=Gilman |first1=Martin |title=Why Russians and the World Dislike the Ruble |url=http://www.themoscowtimes.com/opinion/article/tmt/471793.html |website=The Moscow Times |access-date=10 February 2015 |archive-url=https://web.archive.org/web/20150210182134/http://www.themoscowtimes.com/opinion/article/tmt/471793.html |archive-date=10 February 2015 |language=en |date=21 November 2012 |url-status=dead}} The ruble lost 70% of its value against the US dollar in the six months following this financial crisis, from US$1 = {{RUB|6}} to approximately {{RUB|20}}.See table under exchange rates

After stabilizing at around US$1 = {{RUB|30}} from 2001 to 2013, it depreciated to the range of US$1 = {{RUB|60–80}} from 2014 to 2021 as a result of the annexation of Crimea by the Russian Federation in 2014 and the 2010s oil glut. After the 2022 Russian invasion of Ukraine, it declined further to US$1 = {{RUB|110}} due to sanctions.{{cite web |last1=Karunungan |first1=Lilian |title=Ruble Whipsawed as Exporter Dollar Sales Can't Offset Rout |url=https://www.bloomberg.com/news/articles/2022-03-02/ruble-indicated-lower-for-a-third-day-as-ukraine-war-intensifies |website=Bloomberg News |access-date=2 March 2022|archive-url=https://archive.today/20220302123349/https://www.bloomberg.com/news/articles/2022-03-02/ruble-indicated-lower-for-a-third-day-as-ukraine-war-intensifies|archive-date=2 March 2022 |language=English |date=2 March 2022 |url-status=live}} The ruble was subject to fluctuation when, in April 2022, the ruble went above its pre-full scale invasion level after falling as low as {{RUB|150}} per dollar in early March,{{cite web |url=https://www.bloomberg.com/news/articles/2022-04-06/mocked-as-rubble-by-biden-russia-s-ruble-comes-roaring-back?srnd=premium-europe |title=Mocked as 'Rubble' by Biden, Russia's Ruble Roars Back |first=Sydney |last=Maki |orig-date=6 April 2022 |date=7 April 2022 |work=Bloomberg |access-date=2022-04-11 |archive-date=7 April 2022 |archive-url=https://web.archive.org/web/20220407083558/https://www.bloomberg.com/news/articles/2022-04-06/mocked-as-rubble-by-biden-russia-s-ruble-comes-roaring-back?srnd=premium-europe |url-status=live }} with the longer-term trend showing a steady decline from mid-2022 to mid-2023, falling from {{RUB|60}} to {{RUB|90}} per dollar.{{cite web |title=Russian Ruble Plunges to 15-Month Low as Panicked Citizens Withdraw Billions |work=the deep dive |url=https://thedeepdive.ca/russian-ruble-plunges-to-15-month-low-as-panicked-citizens-withdraw-billions/ |date=10 July 2023}}

On 15 July 2024 the Central Bank of the Russian Federation closed the statistics of the over-the-counter currency market,{{Cite web|url=https://www.politico.eu/article/ruble-value-falls-russia-war-economy-ukraine-oil-prices-sanctions-inflation-interest-rates-oligarchs/|title=Ruble tumbles as Russia's war economy comes under increasing strain|date=27 November 2024|website=Politico}}{{Cite web|url=https://www.bloomberg.com/news/articles/2024-11-27/us-sanctions-hit-ruble-as-russia-s-fx-sources-are-drying-up|title=US Sanctions Hit Ruble as Russia's FX Sources Are Drying Up|date=27 November 2024|work=Bloomberg}}{{Cite web|url=https://www.interfax.ru/business/970928|script-title=ru:ЦБ РФ закрыл статистику внебиржевого валютного рынка|language=ru |date=15 July 2024|website=Interfax}} and three days later the sale of ruble-note artwork on toilet paper was banned by a judge from Moscow.{{Cite web|url=https://www.themoscowtimes.com/2024/07/18/russia-bans-ruble-toilet-paper-a85756|title=Russia Bans Ruble Toilet Paper|date=18 July 2024|website=The Moscow Times}} On 18 November 2024, the Ruble fell below the US$1 = 100 RUB, a benchmark the Russian government was attempting to maintain.{{Cite web|url=https://www.newsweek.com/russia-ruble-ukraine-war-1993091|title=What collapsing Russian ruble means for Ukraine war|first=Brendan Cole Senior News|last=Reporter|date=29 November 2024|website=Newsweek}}{{Cite web|url=https://fortune.com/2024/11/28/russia-ruble-central-bank-inflation/|title=Russian central bank takes desperate stand to halt collapsing ruble and fierce inflation|first=Christiaan|last=Hetzner|website=Fortune}} By 27 November, the Ruble had fallen to US$1 = 114.5 RUB,[https://tass.com/economy/1878475 "Dollar exchange rate surpasses 114 rubles, euro - 120 rubles on Forex"]. TASS. 27 November 2024. with the currency depreciating against USD and EUR at a rate of nearly 2% per day.{{cite web | title=Historical currency converter |website=OandA.com |url=https://fxds-hcc.oanda.com/ |access-date=13 December 2024}} Through June and July 2024, $1 bought {{RUB|87.5 ±0.5}}. By 28 November, the price had fallen to {{RUB|110.1}}

On 27 November 2024 in response to the currency collapse, the Bank of Russia halted formal foreign currency purchases from 28 November until year-end 2024, in "an effort to reduce the volatility on financial markets".[https://tass.com/economy/1878667 "Bank of Russia halts foreign currency purchases from November 28 until year end"]. TASS. 27 November 2024.

{{Main|Ruble sign}}

{{distinguish|text=the Armenian letter ք}}

File:Ruble sign.svg

File:Old sign of Russian ruble.svg" 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.{{cite web |url=http://www.rian.ru/analytics/20060602/48952932.html |publisher=RIA Novosti |script-title=ru:Забытый знак российского рубля |trans-title=Forgotten Russian ruble sign |access-date=6 May 2006 |language=ru |archive-date=11 October 2010 |archive-url=https://web.archive.org/web/20101011044316/http://www.rian.ru/analytics/20060602/48952932.html |url-status=live }} This symbol, however, fell into disuse by the mid-19th century.{{cite web|url=https://www.kommersant.ru/doc/24097 |script-title=ru:В поисках утраченного рубля |language=ru |trans-title=In search of the lost ruble |work=Kommersant |date=2000-03-08 |access-date=2017-07-09 |archive-date=19 October 2017 |archive-url=https://web.archive.org/web/20171019032110/https://www.kommersant.ru/doc/24097 |url-status=live}}

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 scriptFor example: {{cite conference | url=https://books.google.com/books?id=ZecbDgc93hcC&dq=Rbls+rouble&pg=PA7011 | title=Economics and social impacts of Armenia earthquake |conference=Proceedings of the Tenth World Conference on Earthquake Engineering |volume=5 | date=1994 | location=Madrid | last1 = Krimgold |first1=F. |editor-first=Alberto |editor-last=Bernal | publisher=CRC Press | isbn=9789054100607 |page=7011 }}{{cite book | url=https://books.google.com/books?id=pcDWxNCh3JoC&dq=Rbls+rouble&pg=PA247 | title=The system of the international organizations of the communist countries | date=1976 | last1=Szawlowski | first1=Richard | publisher=BRILL | isbn=9789028603356 }} and руб. (Cyrillic){{Cite web |title=XE - World Currency Symbols |url=http://www.xe.com/symbols.htm |archive-url=http://web.archive.org/web/20080723165832/http://www.xe.com/symbols.htm |archive-date=2008-07-23 |access-date=2024-12-31 |website=www.xe.com |language=en}} and the simple characters R (Latin){{cite book |chapter-url=https://en.wikisource.org/wiki/The_World_Factbook_(1990)/Soviet_Union |title=CIA World Factbook |page=288 |chapter=Soviet Union |date=1 April 1990 |access-date=2022-07-24 |via=Wikisource}}{{cite web |url=http://fx.sauder.ubc.ca/currency_table.html |title=Currencies of the World |publisher=The University of British Columbia Sauder School of Business |access-date=28 June 2007 |archive-date=29 November 2011 |archive-url=https://web.archive.org/web/20111129141202/http://fx.sauder.ubc.ca/currency_table.html |url-status=dead }}{{cite web |url=http://www.lonelyplanet.com/worldguide/destinations/europe/russia?a=facts |publisher=Lonely Planet |title=Russia |access-date=28 June 2007 |archive-date=5 July 2007 |archive-url=https://web.archive.org/web/20070705140939/http://www.lonelyplanet.com/worldguide/destinations/europe/russia?a=facts |url-status=live }} and р (Cyrillic) were used. These are still used today, though are unofficial.{{cite web |url=http://www.moscowtimes.ru/stories/2006/06/15/041.html |work=The Moscow Times |first=Valeria |last=Korchagina |title='R' for Ruble Is Symbol of Pride |date=15 June 2006 |access-date=28 June 2007 |archive-date=30 June 2007 |archive-url=https://web.archive.org/web/20070630065310/http://www.moscowtimes.ru/stories/2006/06/15/041.html |url-status=dead }}

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 {{lang|ru|Российский Рубль}} "Russian ruble"), which received preliminary approval from the Central Bank.{{cite news |url=https://www.washingtonpost.com/wp-dyn/content/article/2006/06/28/AR2006062802156.html?nav=rss_business |title=Russians Bet Ruble Will Rise To Status of Dollar, Euro, Yen |first=Peter |last=Finn |newspaper=The Washington Post |date=28 June 2006 |access-date=28 June 2007 |archive-date=9 November 2012 |archive-url=https://web.archive.org/web/20121109015740/http://www.washingtonpost.com/wp-dyn/content/article/2006/06/28/AR2006062802156.html?nav=rss_business |url-status=live }} However, one more symbol, a Р with a horizontal stroke below the top similar to the Philippine peso sign, was proposed unofficially. Proponents of the new sign claimed that it is simple, recognizable and similar to other currency signs.{{cite web |url=http://www.artlebedev.ru/news/2007/rouble/ |script-title=ru:О знаке рубля |language=ru |trans-title=About the sign of the ruble |date=1 August 2007 |access-date=11 April 2008 |archive-date=4 April 2008 |archive-url=https://web.archive.org/web/20080404131135/http://www.artlebedev.ru/news/2007/rouble/ |url-status=live }}{{cite web |url=http://imadesign.ru/ru/news/publications?id=411 |script-title=ru:Знак рубля. Попытка анализа |language=ru |trans-title=Ruble sign. An attempt at analysis |publisher=Imadesign.ru |access-date=14 May 2011 |archive-date=18 August 2011 |archive-url=https://web.archive.org/web/20110818093726/http://imadesign.ru/ru/news/publications?id=411 |url-status=live }}{{cite web |url=http://www.fonts.ru/cinfo/news.asp?NewsId=78 |script-title=ru:Знак рубля |language=ru |trans-title=Ruble sign |publisher=Fonts.ru |access-date=14 May 2011 |archive-date=13 August 2011 |archive-url=https://web.archive.org/web/20110813091709/http://www.fonts.ru/cinfo/news.asp?NewsId=78 |url-status=dead }} 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 {{Russian ruble}}, a Cyrillic letter Er with a single added horizontal stroke,{{cite web |url=http://lenta.ru/news/2013/12/11/symbol/ |script-title=ru:Экономика: Деньги: Банк России утвердил символ рубля |language=ru |trans-title= Economy: Money: The Bank of Russia approved the symbol of the ruble |publisher=Lenta.ru |date=25 November 2013 |access-date=11 December 2013 |archive-date=11 December 2013 |archive-url=https://web.archive.org/web/20131211165609/http://lenta.ru/news/2013/12/11/symbol/ |url-status=live }}{{cite web |title=Об утверждении графического обозначения рубля (символ рубля) |url=https://www.cbr.ru/press/pr/?file=131211_121051rubl4.htm |website=cbr.ru |publisher=Central Bank of Russia |access-date=11 January 2025}} though the abbreviation "руб." is in wide use. The Unicode CJK Compatibility block contains {{unichar|3354}}, a square version of {{lang|ja|ルーブル}} ({{Transliteration|ja|rūburu}}), the Japanese word for "ruble".

On 4 February 2014, the Unicode Technical Committee during its 138th meeting in San Jose accepted {{unichar|20BD|Ruble Sign}} symbol for Unicode version 7.0;{{cite web |url=https://www.unicode.org/L2/L2014/14026.htm#138-C7 |title=UTC 138 Draft Minutes |date=10 February 2014 |publisher=The Unicode Consortium |access-date=23 March 2018 |archive-date=9 November 2017 |archive-url=https://web.archive.org/web/20171109163956/http://www.unicode.org/L2/L2014/14026.htm#138-C7 |url-status=live }} the symbol was then included into Unicode 7.0 released on 16 June 2014.{{cite web |url=https://www.w3.org/blog/International/2014/06/17/announcing-the-unicode-standard-version-7-0/ |title=Announcing The Unicode Standard, Version 7.0 |date=16 June 2014 |publisher=The Unicode Consortium |access-date=17 June 2014 |archive-date=17 June 2014 |archive-url=https://web.archive.org/web/20140617090031/http://unicode-inc.blogspot.com/2014/06/announcing-unicode-standard-version-70.html |url-status=live }} In August 2014, Microsoft issued updates for all of its mainstream versions of Microsoft Windows that enabled support for the new ruble sign.{{cite web |url=http://support.microsoft.com/kb/2970228 |title=Update to support the new currency symbol for the Russian ruble in Windows |date=August 2014 |publisher=Microsoft |access-date=15 August 2014 |archive-date=14 August 2014 |archive-url=https://web.archive.org/web/20140814230939/http://support.microsoft.com/kb/2970228 |url-status=live }}

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

{{Main|Digital ruble}}

File:Digital_ruble_red_logo.svg

In the wake of the development of cryptocurrencies, in October 2017, a draft government resolution was prepared on the technological implementation of the creation of a “cryptoruble”.{{Cite web |date=2017-11-03 |title=Цифровой суверенитет. Зачем правительству понадобился крипторубль |url=https://www.forbes.ru/finansy-i-investicii/352381-cifrovoy-suverenitet-zachem-pravitelstvu-ponadobilsya-kriptorubl |access-date=2023-09-19 |website=Forbes.ru |language=ru}} By October 2020, the Central Bank of the Russian Federation delivered a report on the creation of the Digital Currency of the Central Bank. It was emphasized that the Central Bank will not become a cryptocurrency, since it will be centrally issued by the Bank of Russia, which will become a guarantor of the security of settlements. Units of ruble numbers are distinctive signs of a digital code. The central bank must combine the function of non-cash and cash - it can be implemented both remotely and through an offline wallet; The digital ruble will be converted into cash and non-cash at the rate of 1:1. The report presents 4 possible models for implementing the circulation of the Central Bank of Securities, depending on who, how and to whom the wallets and several calculations are provided. At the same time, presidential press secretary Dmitry Peskov estimated the timeliness of introducing the foreign exchange ruble at 3–7 years.{{Cite web |title=ЦБ анонсировал появление цифрового рубля |url=https://vz.ru/news/2020/10/13/1065134.html |access-date=2023-09-19 |website=ВЗГЛЯД.РУ |language=ru}}

In April 2021, the Central Bank of the Russian Federation reported on the current stage of the project. A model was chosen where the Bank of Russia opens and maintains wallets for financial institutions, which, in turn, open and maintain wallets for clients. By the end of 2021, it was planned to create a platform where testing of the digital ruble should begin next year.{{Cite web |date=2021-04-08 |title=ЦБ наполнит кошельки цифровыми рублями |url=https://www.kommersant.ru/doc/4762961 |access-date=2023-09-19 |website=Коммерсантъ |language=ru}} In June 2021, the Central Bank identified 12 banks that will take part in testing ruble blocks in January 2022: Ak Bars Bank, Alfa-Bank, Bank DOM.RF, VTB Bank, Gazprombank, Tinkoff Bank, Promsvyazbank, Rosbank, Sberbank, SKB- Bank, Bank SOYUZ, Bank TKB.{{Cite web |date=2021-06-29 |title=ЦБ выбрал 12 банков для тестирования цифрового рубля |url=https://www.forbes.ru/newsroom/finansy-i-investicii/433523-cb-vybral-12-bankov-dlya-testirovaniya-cifrovogo-rublya |access-date=2023-09-19 |website=Forbes.ru |language=ru}}

Testing began on 19 January 2022; On 15 February 2022, the Bank of Russia and market participants began testing the digital ruble platform and successfully carried out the first transfers in digital rubles between citizens;{{Cite web |last=Kaur |first=Dashveenjit |date=2022-02-23 |title=Digital Ruble: Here's everything we know about Russia's central bank digital currency |url=https://techhq.com/2022/02/digital-ruble-heres-everything-we-know-about-russias-central-bank-digital-currency/ |access-date=2023-09-19 |website=TechHQ |language=en-US}} in the future they plan to test payment for goods and services using it.{{Cite web |title=Digital ruble: start of testing {{!}} Bank of Russia |url=https://www.cbr.ru/eng/press/event/?id=12692 |access-date=2023-09-19 |website=www.cbr.ru}}{{Cite web |last=Hall |first=Ian |date=2022-02-18 |title=Bank of Russia: digital ruble testing off to successful start |url=https://www.globalgovernmentfintech.com/bank-of-russia-digital-ruble-testing-off-to-successful-start/ |access-date=2023-09-19 |website=Global Government Fintech |language=en-US}}{{Cite web |date=2022-08-17 |title=Russian banks set to use digital ruble in 2024 - Central Banking |url=https://www.centralbanking.com/fintech/cbdc/7952291/russian-banks-set-to-use-digital-ruble-in-2024 |access-date=2023-09-19 |website=www.centralbanking.com |language=en}} At a press conference held on 16 September 2022, Elvira Nabiullina, Director of the Bank of Russia, announced the start date for testing the digital ruble with real clients on 1 April 2023.{{Cite web |title=Statement by Bank of Russia Governor Elvira Nabiullina in follow-up to Board of Directors meeting on 16 September 2022 {{!}} Bank of Russia |url=https://www.cbr.ru/eng/press/event/?id=14172 |access-date=2023-09-19 |website=www.cbr.ru}} Digital rubles were officially launched on 15 August 2023.{{Cite web |date=2023-08-15 |title=Russia tests digital ruble in bid to bypass sanctions |url=https://www.france24.com/en/live-news/20230815-russia-tests-digital-ruble-in-bid-to-bypass-sanctions |access-date=2023-09-19 |website=France 24 |language=en}}{{Cite news |last=Fabrichnaya |first=Elena |date=2023-08-09 |title=Russia to widen scope of digital rouble testing from Aug. 15 -central bank |language=en |work=Reuters |url=https://www.reuters.com/markets/currencies/russia-widen-scope-digital-rouble-testing-aug-15-central-bank-2023-08-09/ |access-date=2023-09-19}}

On 20 June 2023, the State Duma approved a bill recognizing digital currency as an object of agreement, property and inheritance, and on 11 July, in the second and third readings, it adopted a law on the implementation of the digital ruble. The law was signed by the President of the Russia on 24 July 2023.{{Cite web |title=Федеральный закон от 24 июля 2023 года № 340-ФЗ "О внесении изменений в отдельные законодательные акты Российской Федерации" |url=https://rg.ru/documents/2023/07/25/fz340-site-dok.html |access-date=2023-09-19 |website=Российская газета |language=ru}}{{Cite web |date=2023-07-24 |title=Putin Approves Law on Digital Rubble |url=https://www.financemagnates.com/cryptocurrency/russian-president-vladimir-putin-approves-law-on-digital-rubble/ |access-date=2023-09-19 |website=Financial and Business News {{!}} Finance Magnates |language=en}}

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

Kopeck coins are rarely used due to their low value and in some cases may not be accepted by stores or individuals.

These coins were issued starting 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 {{RUB|10}} circulating commemorative coins have been issued. These coins have a unique holographic security feature inside the "0" of the denomination 10.{{cite web |title=Монета Банка России образца 1997 года номиналом 10 рублей |url=https://cbr.ru/cash_circulation/coins/10rub/ |website=cbr.ru |publisher=Central Bank of Russia}}

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). The Bank of Russia stopped minting one-kopeck and five-kopeck coins in 2012, and kopecks completely in 2018.{{cite web|url = https://investforesight.com/russia-stops-minting-kopeks/|title = Russia stops minting kopeks|date = 14 May 2019|access-date = 29 April 2020|archive-date = 15 June 2020|archive-url = https://web.archive.org/web/20200615111258/https://investforesight.com/russia-stops-minting-kopeks/|url-status = live}} The material of {{RUB|1}}, {{RUB|2}} and {{RUB|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.{{cite web |title=Монета номиналом 50 копеек образца 1997 года |url=https://cbr.ru/cash_circulation/coins/50k/ |website=cbr.ru |publisher=Central Bank of Russia}}

In October 2009, a new {{RUB|10}} coin made of brass-plated steel was issued, featuring optical security features.{{cite web |url=http://altapress.ru/story/45523 |title=News article about new 10-ruble coins being issued |publisher=Altapress.Ru |date=22 September 2009 |access-date=10 December 2012 |archive-date=1 August 2013 |archive-url=https://web.archive.org/web/20130801045707/http://altapress.ru/story/45523 |url-status=live }} The {{RUB|10}} banknote would have been withdrawn in 2012, but a shortage of {{RUB|10}} coins prompted the Central Bank to delay this and put new ones in circulation.{{cite web |url=http://top.rbc.ru/economics/22/12/2011/631393.shtml |title=ЦБ возвращает в оборот 10-рублевые банкноты |trans-title=Central Bank returns 10-ruble banknotes to circulation |publisher=Rbc.Ru |date=22 December 2011 |access-date=6 January 2013 |archive-date=26 January 2012 |archive-url=https://web.archive.org/web/20120126020940/http://top.rbc.ru/economics/22/12/2011/631393.shtml |url-status=dead }} A series of circulating Olympic commemorative {{RUB|25}} coins started in 2011. The new coins are struck in cupronickel.{{cite web |url=http://www.worldofcoins.eu/forum/index.php%3Ftopic%3D9503.0&ved=2ahUKEwjSxoXBttfqAhXoo4sKHWFoAek4MhAWMAl6BAgCEAE&usg=AOvVaw1mWvJvU-7VeoZPVjFDTkfD |title=Russia's Olympic plans |publisher=World of Coins |date=19 April 2011 |access-date=18 July 2020 |archive-date=7 June 2022 |archive-url=https://web.archive.org/web/20220607030620/http://www.worldofcoins.eu/forum/index.php%3Ftopic%3D9503.0%26ved%3D2ahUKEwjSxoXBttfqAhXoo4sKHWFoAek4MhAWMAl6BAgCEAE%26usg%3DAOvVaw1mWvJvU-7VeoZPVjFDTkfD |url-status=live }} 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 {{RUB|1}} to {{RUB|50,000}}.{{cite web |url=http://www.cbr.ru/eng/bank-notes_coins/base_of_memorable_coins/main.asp |title=Commemorative and Investment Coins database|publisher=Bank of Russia |access-date=14 May 2011 |archive-url=https://web.archive.org/web/20110519114430/http://cbr.ru/eng/bank-notes_coins/base_of_memorable_coins/main.asp |archive-date=19 May 2011 |url-status=dead}}

{{See also|Modification of banknotes of the Russian ruble (2022—2025)}}

On 1 January 1998, a new series of banknotes dated 1997 was released in denominations of {{RUB|5}}, {{RUB|10}}, {{RUB|50}}, {{RUB|100}} and {{RUB|500}}. The {{RUB|1,000}} banknote was first issued on 1 January 2001 and the 5,000{{nbsp}}₽ 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 – {{RUB|200}} and {{RUB|2,000}} – in 2017.{{cite web|url=http://www.cbr.ru/Eng/press/Default.aspx?PrtId=event&id=275&PrintVersion=Y |website=Bank of Russia |title=Russia to issue 200- and 2,000-ruble banknotes|date=2016-04-12|access-date=2017-04-01|archive-date=3 April 2017|archive-url=https://web.archive.org/web/20170403111457/http://www.cbr.ru/Eng/press/Default.aspx?PrtId=event&id=275&PrintVersion=Y|url-status=dead }} In September 2016, a vote was held to decide which symbols and cities will be displayed on the new notes.{{cite web |title=На сайте Твоя-Россия.рф объявлены промежуточные результаты голосования за символы для новых банкнот |url=https://cbr.ru/press/event/?id=648 |website=cbr.ru |publisher=Central Bank of Russia}} In February 2017, the Central Bank of Russia announced the new symbols. The 200{{nbsp}}₽ banknote will feature symbols of Crimea, that the country illegally annexed from Ukraine in 2014: the Monument to the Sunken Ships, a view of Sevastopol, and a view of Chersonesus. The 2,000{{nbsp}}₽ banknote will bear images of the Russian Far East: the bridge to Russky Island and the Vostochny Cosmodrome in the Amur Oblast.{{cite web|url=http://www.cbr.ru/Eng/press/Default.aspx?PrtId=event&id=875&PrintVersion=Y |website=Bank of Russia |title=New 200 and 2000 ruble banknotes get their symbols|publisher=Central Bank of Russia|date=2017-02-01|access-date=2017-04-01|archive-date=3 April 2017|archive-url=https://web.archive.org/web/20170403111912/http://www.cbr.ru/Eng/press/Default.aspx?PrtId=event&id=875&PrintVersion=Y|url-status=dead }}

In 2018, the Central Bank issued a {{RUB|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.{{cite web|title=Bank of Russia presents commemorative polymer banknote for the 2018 World Cup|url=http://tass.com/economy/1005595|work=TASS|date=22 May 2018|access-date=6 September 2018|archive-date=6 September 2018|archive-url=https://web.archive.org/web/20180906124547/http://tass.com/economy/1005595|url-status=live}}

In March 2021, the Central Bank announced plans to gradually update the designs of the {{RUB|10}}, {{RUB|50}}, {{RUB|100}}, {{RUB|1,000}} and {{RUB|5,000}} banknotes and make them more secure; this is expected to be completed in 2025.{{cite web|title=Bank of Russia to strengthen protection, upgrade design of banknotes|url=https://tass.com/economy/1269365|access-date=2021-03-25|website=TASS|archive-date=24 March 2021|archive-url=https://web.archive.org/web/20210324161425/https://tass.com/economy/1269365|url-status=live}} The first new design, for the {{RUB|100}} note, was unveiled on 30 June 2022.{{Cite web |script-title=ru:ЦБ представил обновленную банкноту в 100 рублей |trans-title=The Central Bank introduced an updated banknote of 100 rubles |url=https://tass.ru/ekonomika/15081455 |access-date=2022-06-30 |website=TASS}} 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 reverse.{{Cite web |script-title=ru:ЦБ представил новую купюру номиналом ₽100 |trans-title=The Central Bank introduced a new banknote with a face value of ₽100 |url=https://www.rbc.ru/finances/30/06/2022/62bbdfc99a7947e974232290 |access-date=2022-06-30 |website=РБК |date=30 June 2022 |language=ru}} In late 2022, the Central Bank resumed the printing of 5 ₽ and 10 ₽ notes for circulation; freshly printed notes began appearing in 2023.

For the rest of the 2017–2025 series, the following designs are planned:{{cite web|url=http://cbr.ru/eng/press/event/?id=9677|title=Guidelines for Cash Circulation Development in 2021–2025 approved|date=23 March 2021|publisher=Central Bank of Russia|access-date=20 May 2021|archive-date=20 May 2021|archive-url=https://web.archive.org/web/20210520200637/http://cbr.ru/eng/press/event/?id=9677|url-status=live}}

• {{RUB|10}} (2025): Novosibirsk on the obverse, Siberian Federal District on the reverse
• {{RUB|50}} (2025): Saint Petersburg on the obverse, Northwestern Federal District on the reverse
• {{RUB|500}} (2025): Pyatigorsk on the obverse, North Caucasian Federal District on the reverse.

File:Russian banknote QR codes.svgs from the current (2017–present) series of 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.

File:Russia100Rubles2001 Apollon.jpg 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 led to one Russian politician, Roman Khudyakov, to 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 {{RUB|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.{{cite news|script-title=ru:На 100-рублевой купюре в Госдуме разглядели "порнографию" |trans-title=On the 100-ruble note in the State Duma discerned "pornography" |url=http://izvestia.ru/news/573537|agency=Izvestia|date=8 July 2014|access-date=8 July 2014|archive-date=8 July 2014|archive-url=https://web.archive.org/web/20140708110924/http://izvestia.ru/news/573537|url-status=live}}

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."{{cite news|last1=Baczynska|first1=Gabriela|title=No more naked Apollos on Russian banknotes, lawmaker says|url=https://www.reuters.com/article/us-russia-banknote-idUSKBN0FD1OR20140709|access-date=12 July 2014|publisher=Reuters|date=9 July 2014|archive-date=12 March 2016|archive-url=https://web.archive.org/web/20160312115342/http://www.reuters.com/article/us-russia-banknote-idUSKBN0FD1OR20140709|url-status=live}}{{cite news|last1=Wong|first1=Curtis|title=Russia's 100-Ruble Banknote With Naked Apollo Image Is Pornographic, Politician Argues|url=http://www.huffingtonpost.com/2014/07/09/russian-banknote-apollo-gay_n_5570695.html|access-date=12 July 2014|work=Huffington Post|date=9 July 2014|archive-date=12 July 2014|archive-url=https://web.archive.org/web/20140712021515/http://www.huffingtonpost.com/2014/07/09/russian-banknote-apollo-gay_n_5570695.html|url-status=live}} Khudyakov's efforts did not lead to any changes being made to the design.

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.{{Cite news |url=http://malaysiandigest.com/frontpage/29-4-tile/702746-ukraine-refuses-to-circulate-new-russian-banknotes-depicting-crimea.html |title=Ukraine Refuses To Circulate New Russian Banknotes Depicting Crimea|work=Malaysian Digest |date =14 October 2017 |url-status = dead |archive-url= https://web.archive.org/web/20180613134108/http://malaysiandigest.com/frontpage/29-4-tile/702746-ukraine-refuses-to-circulate-new-russian-banknotes-depicting-crimea.html |archive-date = 13 June 2018}} The NBU stated that the ban applies to all financial operations, including cash transactions, currency exchange activities and interbank trade.{{cite web|url=https://bank.gov.ua/control/en/publish/article;jsessionid=9E3F9BD4E9CAC5FE4629E12211087FA9?art_id=56987597&cat_id=76291|title=NBU Forbids Banks to Perform Transactions with Russian Banknotes and Coins Depicting Any Objects Located in the Occupied Territories of Ukraine|website=National Bank of Ukraine|access-date=2017-10-25|archive-date=13 June 2018|archive-url=https://web.archive.org/web/20180613112040/https://bank.gov.ua/control/en/publish/article;jsessionid=9E3F9BD4E9CAC5FE4629E12211087FA9?art_id=56987597&cat_id=76291|url-status=live}} Crimea is featured on three banknotes that are currently in circulation – the {{RUB|100}} commemorative notes issued in 2015 and 2018, as well as the {{RUB|200}} note issued in 2017.

On 16 October 2023, the day of unveilling of the new design of the 1,000-ruble note, the design of the note was criticised by the Russian Orthodox Church for displaying the Islamic crescent on one of the buildings on the reverse of the note at the same time as excluding the Orthodox cross from a different building (a former church that is now a museum).{{Cite web |date=2023-10-18 |title=The Central Bank of Russia has suspended the issue of a 1,000-ruble banknote due to criticism from religious activists |url=https://runews24.ru/eng/society/18/10/2023/5b98f36aa1f80107103e25dedc9c1999 |access-date=2023-10-18 |website=RuNews24.ru |language=en}} The Bank of Russia announced on the following day that the design would be revised and the notes would not be printed.{{cite web |title=ЦБ остановил выпуск новой купюры ₽1000 с куполом церкви без креста |url=https://www.rbc.ru/finances/18/10/2023/652f67cc9a7947625f002c28 |website=rbc.ru |date=18 October 2023 |access-date=11 January 2025}}

Kommersant reported that the new {{RUB|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.{{Cite web |last=Times |date=2022-07-01 |title=Russian ATMs Reject New 100-Ruble Bill – Kommersant |url=https://www.themoscowtimes.com/2022/07/01/russian-atms-reject-new-100-ruble-bill-kommersant-a78175 |access-date=2022-07-03 |website=The Moscow Times |language=en}}{{Cite web |title=New banknotes unable to work with Russian ATMs for years |url=https://meduza.io/en/news/2022/07/01/new-banknotes-unable-to-work-with-russian-atms-for-years |access-date=2022-07-03 |website=Meduza |language=en}} 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.{{Cite web |script-title=ru:Сбер перевел большую часть своих банкоматов на собственное ПО |trans-title=Sber transferred most of its ATMs to its own software |url=https://tass.ru/ekonomika/15056337 |access-date=2022-07-05 |website=tass.ru |language=Russian}} 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%.{{Cite web |script-title=ru:"Эльбрус" добрался до наличных |trans-title="Elbrus" got to cash |url=https://www.rbc.ru/newspaper/2022/06/10/629dc4159a79478e9ca000fa |access-date=2022-07-05 |website=Газета РБК |language=Russian}}

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 {{RUB|100}} banknote was issued to celebrate the "reunification of Crimea and Russia". The banknote is printed on light yellow 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.{{cite web|last1=Krivorotova|first1=Anastasia|last2=Rakitina|first2=Ekaterina|url=https://www.rbc.ru/finances/22/05/2018/5b03d7b19a794757f7dd69cc |script-title=ru:ЦБ представил памятную банкноту к чемпионату мира по футболу |trans-title=The Central Bank presented a commemorative banknote for the World Cup |language=ru |publisher=Central Bank of Russia |access-date=13 June 2018 |date=22 May 2018 |archive-date=12 June 2018 |archive-url=https://web.archive.org/web/20180612181444/https://www.rbc.ru/finances/22/05/2018/5b03d7b19a794757f7dd69cc|url-status=live}} 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.

File:Foreign currency uses and pegs.svg. The ruble is used in Russia and Russian occupied territories of Georgia and Ukraine.

{{Legend|#666666|Russian ruble users, including the Russian Federation}}

{{Legend|#008000|US dollar users, including the United States}}

{{Legend|#00FF00|Currencies pegged to the US dollar}}

{{Legend|#0000FF|Euro users, including the Eurozone}}

{{Legend|#0080FF|Currencies pegged to the euro}}

{{Legend|#FF9F00|Australian dollar users, including Australia}}

{{Legend|#804000|New Zealand dollar users, including New Zealand}}

{{Legend|#8000FF|South African rand users (CMA, including South Africa)}}

{{Legend|#808000|Indian rupee users and pegs, including India}}

{{Legend|#FF0000|Pound sterling users and pegs, including the United Kingdom}}

{{Legend|#FF00FF|Special drawing rights or other currency basket pegs}}

{{Legend|#800080|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.{{cite web |url=https://normativ.kontur.ru/document?moduleId=1&documentId=206129#h418 |title=Федеральный закон от 10.12.2003 N 173-ФЗ — Редакция от 18.07.2017 — Контур.Норматив |trans-title=Federal Law of 10 December 2003 N 173-FZ - Edition of 18 July 2017 - Kontur.Normative |access-date=10 June 2017 |archive-date=6 August 2017 |archive-url=https://web.archive.org/web/20170806221431/https://normativ.kontur.ru/document?moduleId=1&documentId=206129#h418 |url-status=live}}

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.{{cite web |title=Yuan-Ruble Trade Starts as Russia, China Shun Dollar - Bloomberg |url=https://www.bloomberg.com/news/articles/2010-12-15/yuan-ruble-trade-starts-in-moscow-as-russia-china-seek-to-cut-dollar-use?embedded-checkout=true |publisher=Bloomberg News}}{{cite web |title=China Allows Yuan to Start Trading Against Ruble - Bloomberg |work=Bloomberg |url=https://www.bloomberg.com/news/articles/2010-11-22/china-allows-yuan-to-start-trading-against-ruble-update2- |publisher=Bloomberg News}}

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.{{cite news| url=http://en.itar-tass.com/economy/715718| title=Putin hopes Central Bank and government find balance in ruble exchange rate dynamics| agency=ITAR-TASS| date=22 January 2014| access-date=22 January 2014| archive-date=4 February 2014| archive-url=https://web.archive.org/web/20140204040814/http://en.itar-tass.com/economy/715718| url-status=live}} The Russian ruble is one of the very few free floating curriencies in the world.

The sanctions contributed to the value's reduction of the Russian ruble and worsened the economic impact of the 2022 Russian invasion of Ukraine.{{Cite journal |last1=Walker |first1=Shaun |last2=Nardelli |first2=Alberto |date=18 January 2015 |title=Russia's rouble crisis poses threat to nine countries relying on remittances |url=https://www.theguardian.com/world/2015/jan/18/russia-rouble-threat-nine-countries-remittances |url-status=live |archive-url=https://web.archive.org/web/20220312185424/https://www.theguardian.com/world/2015/jan/18/russia-rouble-threat-nine-countries-remittances |archive-date=2022-03-12 |access-date=3 March 2022 |website=The Guardian |doi=10.1787/888933417929}} They also caused economic damage to the EU economy, with total losses estimated at €100 billion ({{as of|2015|lc=y}}).

{{cite news|last=Sharkov|first=Damien|url=http://europe.newsweek.com/russian-sanctions-could-cost-europe-100-billion-328999|title=Russian sanctions to 'cost Europe €100bn'|work=Newsweek|date=19 June 2015|access-date=1 November 2017|archive-url=https://web.archive.org/web/20170602183322/http://europe.newsweek.com/russian-sanctions-could-cost-europe-100-billion-328999|archive-date=2 June 2017|url-status=live}}

{{As of|2014}}, Russia's finance minister announced that the sanctions had cost Russia $40 billion, with another $100 billion loss in 2014 due to decrease in the price of oil the same year.Smith, Geoffrey. [http://fortune.com/2014/11/24/finance-minister-oil-slump-sanctions-cost-russia-140-billion-a-year/ "Finance Minister: oil slump, sanctions cost Russia $140 billion a year."] {{Webarchive|url=https://web.archive.org/web/20201219081005/https://fortune.com/2014/11/24/finance-minister-oil-slump-sanctions-cost-russia-140-billion-a-year/ |date=19 December 2020 }} 24 November 2014. Following sanctions imposed in August 2018, economic losses incurred by Russia amounted to around 0.5–1.5% in foregone GDP growth.{{Cite web |title=EU-Russia sanctions exchange has had important economic and political consequences (news article) |url=https://wiiw.ac.at/n-365.html |access-date=2023-05-18 |website=wiiw.ac.at |language=en}}

A second round of sanctions involved various Russian banks being removed from SWIFT, and direct sanctions on the Russian Central Bank. The value of the ruble fell 30% against the U.S. dollar, to as low as ₽119/$1 as of 28 February 2022.{{Cite web |last1=Tan |first1=Weizhen |last2=Turak |first2=Natasha |date=28 February 2022 |title=Russian ruble plunges nearly 30% against the dollar amid sanctions over Ukraine invasion |url=https://www.cnbc.com/2022/02/28/russian-ruble-dives-nearly-30percent-against-the-dollar-amid-sanctions-ukraine-crisis.html |url-status=live |archive-url=https://web.archive.org/web/20220228080349/https://www.cnbc.com/2022/02/28/russian-ruble-dives-nearly-30percent-against-the-dollar-amid-sanctions-ukraine-crisis.html |archive-date=28 February 2022 |access-date=28 February 2022 |website=CNBC |language=en}} The Russian central bank raised interest rates to 20% as a result. In an attempt to balance the sinking ruble, it temporarily shut down the Moscow Stock Exchange, mandated that all Russian companies sell 80% of foreign exchange reserves, and prohibited foreigners from liquidating assets in Russia.{{Cite web |last=Turak |first=Natasha |date=28 February 2022 |title=Russia central bank more than doubles key interest rate to 20% to boost sinking ruble |url=https://www.cnbc.com/2022/02/28/russia-central-bank-hikes-interest-rates-to-20percent-from-9point5percent-to-bolster-ruble.html |url-status=live |archive-url=https://web.archive.org/web/20220228113939/https://www.cnbc.com/2022/02/28/russia-central-bank-hikes-interest-rates-to-20percent-from-9point5percent-to-bolster-ruble.html |archive-date=28 February 2022 |access-date=28 February 2022 |website=CNBC |language=en}}{{cite news |date=28 February 2022 |title=The rouble's collapse compounds Russia's isolation |newspaper=The Economist |url=https://www.economist.com/finance-and-economics/2022/02/28/the-roubles-collapse-compounds-russias-isolation |access-date=28 February 2022 |archive-date=4 March 2022 |archive-url=https://web.archive.org/web/20220304082616/https://www.economist.com/finance-and-economics/2022/02/28/the-roubles-collapse-compounds-russias-isolation |url-status=live }} On 7 March, the ruble was reported to be as low as ₽142.46/$1.{{cite news|last1=Karunungan|first1=Lilian|last2=Ismail|first2=Netty Idayu|title=Ruble Indicated at Record Low Offshore on Talk of Oil Embargo|url=https://www.bloomberg.com/news/articles/2022-03-07/ruble-indicated-at-record-low-offshore-on-talk-of-oil-embargo|access-date=7 March 2022|work=Bloomberg|date=7 March 2022|archive-url=https://web.archive.org/web/20220307170024/https://www.bloomberg.com/news/articles/2022-03-07/ruble-indicated-at-record-low-offshore-on-talk-of-oil-embargo|archive-date=7 March 2022|url-status=live}} During the month of March 2022, the ruble gradually recovered back to its pre-war value of ~80 Rubles per dollar, partially due to increased gas and oil demand from Western companies, as they feared a potential ban on Russian resources,{{Cite web|url=https://eu.detroitnews.com/story/business/2022/03/31/despite-western-sanctions-russian-ruble-and-banks-recovering-tdn/7229663001/|title=Russian ruble and banks are recovering despite sanctions. Here's why|access-date=31 March 2022|archive-date=1 April 2022|archive-url=https://web.archive.org/web/20220401074656/https://eu.detroitnews.com/story/business/2022/03/31/despite-western-sanctions-russian-ruble-and-banks-recovering-tdn/7229663001/|url-status=live}} as well as various economic measures designed to prop up the currency.

{{Exchange Rate|RUB}}

File:US Dollar - Russian Ruble Exchange Rate.webp 1994–2023]]

File:EUR-RUB exchange rate.webp / 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.{{cite news|last1= Kitroeff|first1= Natalie|last2= Weisenthal|first2= Joe |title= Here's Why the Russian Ruble Is Collapsing|url= http://www.businessweek.com/articles/2014-12-16/no-caviar-is-not-getting-cheaper-everything-you-need-to-know-about-the-russian-ruble-collapse|access-date= 17 December 2014|publisher= Bloomberg|work= Businessweek|date= 16 December 2014|archive-date= 28 January 2015|archive-url= https://web.archive.org/web/20150128054057/http://www.businessweek.com/articles/2014-12-16/no-caviar-is-not-getting-cheaper-everything-you-need-to-know-about-the-russian-ruble-collapse|url-status= dead}}{{cite news | url= http://www.ft.com/cms/s/0/caf7d4d6-8c4c-11e4-ad27-00144feabdc0.html | title= Moscow says rouble crisis is over | work= Financial Times | first1= Kathrin | last1= Hille | date= 25 December 2014 | access-date= 2 January 2015 | archive-date= 25 June 2016 | archive-url= https://web.archive.org/web/20160625112244/http://www.ft.com/cms/s/0/caf7d4d6-8c4c-11e4-ad27-00144feabdc0.html | url-status= live }}{{cite news | url = http://www.newyorker.com/news/news-desk/news-in-moscow-russia-ruble | title = The News in Moscow | magazine = The New Yorker | first1 = Masha | last1 = Gessen | date = 27 December 2014 | access-date = 2 January 2015 | archive-date = 3 January 2015 | archive-url = https://web.archive.org/web/20150103062143/http://www.newyorker.com/news/news-desk/news-in-moscow-russia-ruble | url-status = live }}{{cite news | url= https://www.forbes.com/sites/jonhartley/2015/01/01/online-prices-indicate-russian-inflation-spike-after-ruble-decline/ | title= Online Prices Indicate Russian Inflation Spike After Ruble Decline | work= Forbes | first1= Jon | last1= Hartley | date= 1 January 2015 | access-date= 2 January 2015 | archive-date= 26 February 2021 | archive-url= https://web.archive.org/web/20210226145333/https://www.forbes.com/sites/jonhartley/2015/01/01/online-prices-indicate-russian-inflation-spike-after-ruble-decline/ | url-status= live }}{{cite news | url= http://www.chinapost.com.tw/business/2015/01/01/425383/Ex-Soviet-republics.htm | title= Ex-Soviet republics hit by Russian economic crisis | work= The China Post | agency= Agence France-Presse | first1= Irakli | last1= Metreveli | date= 1 January 2015 | access-date= 2 January 2015 | archive-date= 4 December 2020 | archive-url= https://web.archive.org/web/20201204181816/http://www.chinapost.com.tw/business/2015/01/01/425383/Ex-Soviet-republics.htm | url-status= dead }}{{Cite news|date=2015-01-01|title='We are hardly surviving': As oil and the ruble drop, ordinary Russians face growing list of problems|work=Financial Post|agency=Reuters|url=https://financialpost.com/news/economy/we-are-hardly-surviving-as-oil-and-the-ruble-drop-ordinary-russians-face-growing-list-of-problems|access-date=20 October 2021|archive-date=20 October 2021|archive-url=https://web.archive.org/web/20211020134835/https://financialpost.com/news/economy/we-are-hardly-surviving-as-oil-and-the-ruble-drop-ordinary-russians-face-growing-list-of-problems|url-status=live}} 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.{{cite web | url = https://www.bloomberg.com/news/2014-12-16/u-s-won-t-ease-sanctions-to-prevent-economic-meltdown-in-russia.html | title = U.S. Won't Ease Sanctions to Stem Russia's Economic Crisis | first1 = Mike | last1 = Dorning | first2 = Ian | last2 = Katz | date = 16 December 2014 | access-date = 16 December 2014 | work = Bloomberg | archive-date = 8 January 2015 | archive-url = https://web.archive.org/web/20150108110634/http://www.bloomberg.com/news/2014-12-16/u-s-won-t-ease-sanctions-to-prevent-economic-meltdown-in-russia.html | url-status = live }}

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{{cite web |url=http://primepair.com/market-review/russian-ruble-meltdown-full-force-17-12-2014 |title=Russian Ruble Meltdown in Full Force |work=PrimePair |date=17 December 2014 |access-date=22 December 2014 |archive-url=https://web.archive.org/web/20141222170309/http://primepair.com/market-review/russian-ruble-meltdown-full-force-17-12-2014 |archive-date=22 December 2014 |url-status=dead}} failed to prevent the currency hitting record lows in a "perfect storm" of low oil prices, looming recession and international sanctions over the Russo-Ukrainian War.{{cite news|title=WRAPUP 2-Rouble crisis could shake Putin's grip on power|url=https://www.reuters.com/article/russia-rouble-putin/wrapup-2-rouble-crisis-could-shake-putins-grip-on-power-idUSL6N0U02G520141217|work=Reuters|date=17 December 2014|access-date=23 March 2018|archive-date=23 March 2018|archive-url=https://web.archive.org/web/20180323155118/https://www.reuters.com/article/russia-rouble-putin/wrapup-2-rouble-crisis-could-shake-putins-grip-on-power-idUSL6N0U02G520141217|url-status=live}}

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.{{efn|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.}} 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. On 23 March 2022, President Putin announced that Russia would only accept payments for Russian gas exports from "unfriendly countries" in rubles.{{cite news|title=Russia demands natural gas payments in rubles, leaves a loophole|work=NewsHour|publisher=PBS|url=https://www.pbs.org/newshour/world/russia-demands-natural-gas-payments-in-rubles-leaves-a-loophole|access-date=3 April 2022|archive-date=4 April 2022|archive-url=https://web.archive.org/web/20220404034946/https://www.pbs.org/newshour/world/russia-demands-natural-gas-payments-in-rubles-leaves-a-loophole|url-status=live}} 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.{{Cite web |title=Russia's ruble is the strongest currency in the world this year |url=https://www.cbsnews.com/news/russia-ruble-currency-2022/ |access-date=2022-05-30 |website=CBS News |language=en-US |archive-date=30 May 2022 |archive-url=https://web.archive.org/web/20220530044342/https://www.cbsnews.com/news/russia-ruble-currency-2022/ |url-status=live }} 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.{{Cite web |agency=AFP |date=2022-06-29 |title=Russia Mulls FX Interventions To Tame Ruble's Rise |url=https://www.themoscowtimes.com/2022/06/29/russia-mulls-fx-interventions-to-tame-rubles-rise-a78145 |access-date=2022-06-30 |website=The Moscow Times |language=en}}

In early November 2023, the value of the Russian ruble increased slightly reaching a three-month high of 90 against the USD. The Russian key interest rate rose to 15% in October. Capital control measures, including the mandatory FX sales for Russian exporters imposed by Moscow were also effective to support the value of the currency. On November 2, the U.S. announced new sweeping sanctions against Russian energy exports and limits on foreign currency payments by Russia's Central Bank, which was thought to be another reason for the higher value of the ruble, forcing Russian banks to pay in ruble. Stock indices for Russian companies were also up. The ruble's overall decline is a major problem for the Russian economy as it increases inflation particularly for imported goods.[https://edition.cnn.com/2023/10/12/economy/russia-ruble-surge-export-controls/index.html "Russia brings back capital controls to shore up the ruble"] October 12, 2023. CNN Business accessed 4 Nov. 2023.[https://www.reuters.com/markets/currencies/rouble-soars-vs-dollar-market-gauges-impact-latest-us-sanctions-2023-11-03/ "Rouble soars vs dollar as market gauges impact of latest US sanctions"] Reuters. accessed 4 Nov. 2023.

{{Most traded currencies}}

• Belarusian ruble
• Russian economy
• Transnistrian ruble
• Ruble (disambiguation), various historic and modern rubles.

{{notelist}}

{{reflist|colwidth=30em}}

{{refbegin}}

• {{numis cite SCWC |date = 1991 }}
• {{numis cite SCWPM |date = 1994 }}
• {{cite book |last1=Erdmann |first1=Torsten |editor1-last=Medinskaya |editor1-first=Olga |editor2-last=Randau |editor2-first=Henk R. |editor3-last=Altmann |editor3-first=Christian |title=Russia Business: Analyze the Economy, Understand the Society, Manage Effectively |date=30 June 2021 |publisher=Springer Nature |isbn=978-3-030-64613-4 |url=https://www.google.co.uk/books/edition/Russia_Business/c0w2EAAAQBAJ?hl=en&gbpv=0 |language=en |chapter=The Russian Ruble and Monetary System}}
• {{cite book |last1=Kuroda |first1=Akinobu |title=A Global History of Money |date=23 March 2020 |publisher=Routledge |isbn=978-1-000-05457-6 |url=https://www.google.com/books/edition/A_Global_History_of_Money/CmIPEAAAQBAJ?hl=en&gbpv=0 |language=en}}
• {{cite book |last1=Snodgrass |first1=Mary Ellen |title=Coins and Currency: An Historical Encyclopedia, 2d ed. |date=25 July 2019 |publisher=McFarland |isbn=978-1-4766-3665-8 |url=https://www.google.com/books/edition/Coins_and_Currency/e7ylDwAAQBAJ |language=en}}

{{refend}}

{{Commons category|Russian ruble}}

• {{official website|http://www.goznak.ru/en/}} of Goznak {{in lang|en|ru}}
• [http://banknoter.com/s/russia Russian Ruble (Catalog of banknotes)] {{in lang|en|ru}}
• [http://www.cbr.ru/eng/currency_base/daily/ Foreign Currency Market {{!}} Bank of Russia] {{in lang|en|ru}}
• [http://www.tititudorancea.com/z/euro_to_rub_exchange_rates_russian_ruble.htm Russian Currency Exchange Rate History]
• [https://web.archive.org/web/20100515011419/http://www.tx.am/world-currency-exchange-rates/russian-ruble-exchange-rates-rub/ Historical Russian Ruble eXchange Rates: RUB] (archived 15 May 2010)
• [http://russianmoney.info/ History of the Russian paper money] ({{Webarchive|url=https://web.archive.org/web/20200105213154/http://russianmoney.info/ |date=5 January 2020 }})
• [https://colnect.com/en/banknotes/list/country/4146 Images of historic and modern Russian bank notes]
• {{CISCoins|Russia}} {{in lang|en|es|ru}}
• [http://www.bis-ans-ende-der-welt.net/Russland-B-En.htm Historical and current banknotes of Russia] {{in lang|en|de|fr}}
• [http://www.bis-ans-ende-der-welt.net/UdSSR-B-En.htm including banknotes of the Soviet Union] {{in lang|en|de|fr}}

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{{Russia topics}}

{{Economy of Russia}}

{{Currencies of post-Soviet states}}

{{Currencies of Europe}}

{{Currencies of Asia}}

{{Ruble}}

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Category:Economy of Russia

Category:Economic history of Russia

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