Ruble

The ruble is the currency of the Russian Federation and a name historically used for several currencies in the Russian Empire and the Soviet Union. Its ISO 4217 code is RUB, and the symbol ₽ is used on most price displays and documents. The ruble is subdivided into kopeks, with 100 kopeks making up one ruble. The Bank of Russia is the issuer and treasurer of the currency, and it conducts monetary policy, issues banknotes and coins, and regulates the money supply.

The modern Russian ruble was reintroduced after the dissolution of the Soviet Union. In 1998 a major redenomination replaced old rubles with new ones at a rate of 1 new ruble for 1,000 old rubles. Since then, the currency has circulated in various denominations for both coins and banknotes. Banknotes commonly in use include 50, 100, 200, 500, 1000, 2000 and 5000 rubles, while circulating coins cover kopeks and ruble denominations, including smaller units such as 1, 2, 5 and 10 kopeks and various ruble coins.

The ruble has a floating exchange rate influenced by macroeconomic conditions, commodity prices (notably oil and gas), sanctions, and monetary policy actions by the central bank. Its value and stability are often cited in discussions of Russia’s economy and financial markets.

Beyond Russia, the term ruble has historical and contemporary associations with other post-Soviet states. Belarus uses the Belarusian ruble, and the Transnistrian region uses its own ruble-like currency. The ruble’s legacy and regional use reflect the historical ties of the broader area.