Russian ruble

Coins

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

During this period the commemorative one-ruble 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.^[5]

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.

Ruble symbol

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

The eventual winning Ruble sign design.

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.^[8] This symbol, however, fell into disuse by the mid-19th century.^[9]

No official symbol was used during the final years of the Empire, nor was one introduced in the Soviet Union. The characters R^[10][11] and руб. were used and remain in use today, though they are not official.^[12]

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

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;^[21] the symbol was then included into Unicode 7.0 released on 16 June 2014.^[22] In August 2014, Microsoft issued updates for all of its mainstream versions of Microsoft Windows that enabled support for the new ruble sign.^[23]

Coins

In 1998, the following coins were introduced in connection with the ruble revaluation:

Currently circulating coins^[24]

Image		Value	Technical parameters			Description			Years of minting
Reverse	Obverse		Diameter	Mass	Composition	Edge	Obverse	Reverse
		1 коп.	15.5 mm	1.5 g[25]	Cupronickel-steel	Plain	Saint George	Value	1997–2009 2014
		5 коп.	18.5 mm	2.6 g[26]					1997–1998 2000-2009 2014
		10 коп.	17.5 mm	1.95 g[27]	Brass	Reeded	Saint George	Value	1997–2006
				1.85 g	Brass-plated steel	Plain			2006–2014
		50 коп.	19.5 mm	2.90 g[28]	Brass	Reeded			1997–1999 2002–2006
				2.75 g	Brass-plated steel	Plain			2006–2014
		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
		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
		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
		10₽	22 mm	5.63 g	Brass-plated steel	Segmented (plain and reeded edges)	Emblem of the Bank of Russia	Value	2009–2015
							Coat of arms of Russia		2016

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 "Л" or "M" on kopeks and the logo of either the Leningrad 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, it was proposed by the Bank of Russia to withdraw 1- and 5-kopek coins from circulation and subsequently round 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 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 aluminum-bronze to brass-steel clad.

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. 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.^[31]

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.^[32] In September 2016, a vote was held to decide which symbols and cities will be displayed on the new notes.^[33] In February 2017, the Central Bank of Russia announced the new symbols, the 200₽ banknote will feature the symbols of Sevastopol and the Monument to the Sunken Ships and the view of Chersonesus, and the 2,000₽ banknote will bear images of famous Far Eastern sites and the bridge to Russky Island and the Vostochny Cosmodrome in the Amur Oblast.^[34]

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.^[35]

1997 series^[36]

Image		Value	Dimensions	Description			Date of
Obverse	Reverse			Obverse	Reverse	Watermark	printing*	issue	withdrawal	lapse
		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[37]	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 millimeter. 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^[38]

Image		Value	Dimensions	Description			Date of
Obverse	Reverse			Obverse	Reverse	Watermark	printing	issue	withdrawal	lapse
		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.

Commemorative banknotes

Commemorative banknote series^[44]

Image		Value	Dimensions	Description			Date of
Obverse	Reverse			Obverse	Reverse	Watermark	printing*	issue	withdrawal	lapse
		100₽	150 × 65 mm	A snowboarder and some of the Olympic venues of the Sochi coastal cluster.	Fisht Olympic Stadium in Sochi.	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.

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

Russian ruble per US dollar between 2014-2017

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]

Exchange rates