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RUB - Russian Ruble

Russian Ruble Converters

The conversion rates from Russian Ruble to other currencies were last updated 38 minutes ago.

The Russian ruble is Russia’s official currency and is often designated by the code of RUB. Until not very long ago there was no designated symbol for the Russian tuble. The symbol for the Russian ruble was chosen in 2013, a p with a horizontal stroke.

The Russian ruble, or the RUB, is officially issued by the Bank of Russia. The Russian ruble is subdivided into 100 kopeks. Directly translated into English, the word ruble is said to have various meanings, one of the most popular derivations is from the Russian verb to cut or to chop. The Russian ruble was a piece of silver that had been chopped off, the first embodiment of this currency.

Countries in use

The Russian ruble is currently and officially used in Russia, Abkhazia and South Ossetia.

History of the Russian Ruble

During Russia’s medieval era, mining was still unknown and all trades were performed using silver. Small international coins were used for cheap commerce and silver bars were used for larger and more expensive trades. These silver bars were named ruble in the 13th century. This was the first appearance of the word. One ruble (in this case, one silver bar) was able to purchase a herd of cows and was considered extremely valuable.

The first ruble coins to ever be known were created in 1704 under the realm of Peter the Great, who ruled the Tsardom of Russia during this time. The Czar was the first to introduce decimal coins which are currently used by most monetary systems. As economic competitiveness grew the currency required evolution and bills were introduced. However, important payments made by the nobles were still conducted with large silver rubles. After the Bolshevik Revolution of 1917, monetary chaos was installed and the possibility of abolishing the ruble was considered. During the Russian Civil War, many local derivations of the coin started appearing. In the region of Arkhangelsk, the bills had a printed image of an otter, in Oriental Russia they were made by a Japanese merchant and were printed on silk, whilst in Yakutia, and because of a shortage of paper, the money was printed on wine labels. After this pandemonium, in 1923 the Rupee was, once again, introduced as Russia’s official currency. During the Soviet Regime many reforms were created to give the ruble as much power as possible.

A new ruble was established in 1992 and the currency became cheaper, in comparison to the years of the regime. Ordinary purchases like a newspaper would cost around 800 rupees. The conversion from one dollar resulted in almost six thousand ruble. During the 90’s, the Russians referred to the ruble as “dereviannyi”, which translated means “made of wood”. Contrary to the expensive currency they had known before the revolution, the contemporary ruble was barely worth a piece of wood. Final changes to the ruble were made during the financial crisis of 1998. The current exchange, that has been modified seven times, is now at a rate of 1 ruble=1.000 old rubles. In total there were six currency changes to the ruble.

Russian Ruble Coins and Bills

The Bank of Russia regulates the ruble. In 1988 modifications were made to the ruble banknotes. After this and until now, over 4 alterations were performed. The Russian ruble’s current banknotes are of 5, 10, 50, 100, 500, 1000 and 5000 and printed on cotton paper.. The patterns and colors vary and are easily distinguishable. The cultural heritage and history of Russia are imminently present in its banknotes with depictions of mythical monuments:

  • 50 rubles: Of a green color, this note is illustrated by a monument called “Millennium of Rosa” in Novgorod. On the back of the bill, the fortress wall of the Novgorod Kremlin can be found. The bank note is no longer issued and these are rarely seen in circulation.
  • 10 rubles: Of a yellow color, this note is illustrated with the bridge across the Yenisei River and a chapel in Krasnoyarsk. On the back of the bill, the Krasnoyarsk Hydroelectric Station can be found. The bank note is no longer issued, but can still be seen in circulation.
  • 50 rubles: Of a light-blue color, the note is illustrated with the sculpture at the basement of the Rostral Column and the Peter and Paul Fortress in St. Petersburg. On the back of the bill, the Stock Exchange and Rostral Column can be found.
  • 100 rubles: Of a pink color, the note is illustrated with the Quadriga above the portico of the Bolshoi Theatre in Moscow. On the back of the bill, the Bolshoi Theatre building can be found. A special edition of this banknote was made for the Olympic Games of Sochi and is sports-themed.
  • 500 rubles: Of a violet color, this note is illustrated with the monument to Peter the Great and sailing ship in the port of Arkhangelsk. On the back of the bill, the Solovetsky monastery can be found.
  • 1000 rubles: Of a dark blue color, this note is illustrated with the monument to Prince Yaroslavl. On the back of the bill, the Bell Tower and Church of John the Precursor in Yaroslavl can be found.
  • 5000 rubles: Of a red color, this note is illustrated with the monument to N.N Muravyov-Amursky and the embankment in Khabarovsk. On the back of the bill, the bridge over the Amur River in Khabarovsk can be found.

The coins are divided into 7 values: 1, 5, 10 and 50 kopeks as well as 1, 2 and 5 rubles. The kopek is the centesimal portion of the Russian Ruble. The coins valued at 1 and 5 kopeks are silver and the coins worth 10 and 50 kopeks are gold. The ruble coins of 1, 2 and 5 are silver-colored. As the price increases the size of the coin does too.

Russian Economy

Since the collapse of the Soviet Union, Russia has become more competitive and has integrated itself much more in the global economy. This happened due to the decentralization of power which, consequently, decentralized the economy that used to be closed in itself.

The crisis of 1998 was surpassed due to the vast amount of natural resources possessed by Russia such as oil and gas. Nowadays, these assets are still valuable for the economy. Reforms in the 90´s privatized a large amount of companies, except for those in the energy section. Nevertheless, there is still great state economic intervention.

The country is one of the world’s largest exporters of metal, such as steel and aluminum. However, their manufacturing sector is usually uncompetitive in comparison to those of other global markets and although less centralized than in the Soviet Union, it is still closed upon itself and its domestic consumption. The country’s economy was severely affected by the global economic crisis of 2008. Oil prices plunged and Russian banks were sternly hindered. Along with the fact that there is a general lack of foreign investment, the oil prices are also in decline. This results in a noticeable slowdown of Russia’s GDP.