That’s because Russia relies heavily on exports of natural resources, rather than higher-value-added industries. In fact, in terms of GDP, Russia trails much smaller countries, such as Italy and France. As the Russia-Ukraine conflict has raged, the ruble settled into a trading range of around 70 to 80 RUB per USD; however, it remains volatile. The ruble (RUB) has been used since the 13th century and has been through a number of incarnations during that time, including multiple revaluations and devaluations. The most recent changes occurred before the fall of the Soviet Union in 1992 and during the redenomination in 1998.
The top part of the note bears a transparent window that contains a holographic element. 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 https://www.fx770.net/ 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 currency code for Rubles is RUB, and the currency symbol is ₽.
- The highlight watermark is visible in the upper part of the banknote.
- In recent years, the currency’s exchange rate has generally tracked global commodity prices, especially oil prices, because Russia’s economy heavily depends on exports of oil, natural gas, and other natural resources.
Several countries use the U.S. dollar as their official currency, and many others allow it to be used in a de facto capacity. Russia is more than twice as large as the contiguous 48 U.S. states and is blessed with enormous natural resources. Yet Russia’s annual gross domestic product (GDP) ranked only 11th worldwide in 2021, is only 7.72% the size of the U.S. economy.
Russian Ruble (RUB): Overview of Russia’s Currency
The current banknotes of the Russian ruble are issued in denominations ranging from 5 to 5,000 rubles. The current coins are denominated in values from 1 to 50 kopecks, and there are also coins ranging in value from 1 kopcek to 10 rubles. Banks often advertise free or low-cost transfers, but add a hidden markup to the exchange rate. Wise gives you the real, mid-market, exchange rate, so you can make huge savings on your international money transfers. The Russian Ruble is one of the world’s oldest currencies, dating back to the 13th century during the medieval Russian period. Its name comes from the verb “rubit,” meaning “to chop,” referencing the way people would chop up a larger currency to make smaller coins.
The highlight watermark is visible in the upper part of 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. Following the dissolution of the Soviet Union in 1991, the Soviet ruble remained the currency of the Russian Federation until 1992.
It was also the first currency in Europe to be decimalized in 1704, when it was divided into 100 kopecks. The ruble has gone through numerous changes, from silver coins to paper notes, due to economic reforms, political changes, and inflation. The Ruble we know today is the result of the monetary reform in 1998, following the post-Soviet Union economic crisis. In late 2017, Russia announced the Russian ruble as the only legal tender in Crimea.
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Prior to this event, the USD/RUB exchange rate was around 30 rubles to the dollar; following the invasion it rose to rubles to dollars, where it remained for several years. The Russian Ruble (RUB), among the oldest currencies still in circulation, is heavily influenced by global oil prices, considering Russia’s key role as an exporter of oil and natural gas. The Ruble has witnessed multiple transformations since its inception in the 13th century, with the latest changes occurring due to the fall of the Soviet Union in 1992 and the redenomination in 1998.
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. At the same time, many Western corporations suspended or ceased doing business inside of Russia. These measures sent the value of the ruble plummeting to record lows against foreign currency, and briefly touching nearly 135 rubles to the dollar. On 22 May 2018, a special banknote to celebrate the 2018 FIFA World Cup was issued.[58] The banknote is printed on polymer.
The surge in the ruble is less a reflection of the strength of Russia’s economy, than of the government’s strict capital controls. The value of the digital ruble is identical to the value of a regular ruble. Wise is a Money Service Business registered with FinCen.
In other states, the program is sponsored by Community Federal Savings Bank, to which we’re a service provider.
In July 2007, the Central Bank of Russia announced that it would decide on a symbol for the ruble and would test 13 symbols. 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.
Russian Ruble to United States Dollar
In recent years, the currency’s exchange rate has generally tracked global commodity prices, especially oil prices, because Russia’s economy heavily depends on exports of oil, natural gas, and other natural resources. The ruble collapsed in the second half of 2014, losing about half its value versus the U.S. dollar as global oil prices plunged. Economic and financial sanctions imposed by the U.S. and European Union on Russia in July 2014 over its invasion and annexation of Crimea also helped weaken it. One notable event was the annexation of Crimea by Russia in 2014, which triggered international sanctions and condemnation from the United States, the European Union, and other countries. The sanctions targeted key sectors of the Russian economy, such as energy, finance, defense, and trade, and restricted access to foreign capital and technology. The ruble plunged to record lows against the dollar and the euro in late 2014 and early 2015, as investors fled Russian assets amid uncertainty and risk.
The banknote is printed on light-yellow-coloured cotton paper. One side of the note is devoted to Sevastopol, the other one — to Crimea. 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. 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.
Around the same time, the National Bank of Ukraine ordered that all Ukrainian banks and other financial institutions were forbidden to circulate Russian banknotes that depict images of Crimea, a region of Ukraine that Russia annexed in 2014. 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.