Currency of Russia | Russian Ruble

The Russian ruble is the currency of Russia. The ruble has served as the currency of the Russian Empire and the Soviet Union before that. The moniker “ruble” is currently formally used in only three countries: Russia, Belarus, and Transnistria. As of April 2019, the ruble is the world’s 17th most traded and free-floating currency.

What is the RUB (Russian Ruble)?

The ruble is the official currency of Russia. There are only two other currencies older than the ruble, and both are still in use. There are 100 kopeks in each unit. The ruble is the currency of the Russian Federation. It is second only to the British pound in terms of the world’s oldest currency, in use since the 13th century. Russia’s ruble fluctuates in value in tandem with global oil prices due to the country’s status as a major producer and exporter of both.1 Russian ruble value is around 0.017 United States dollars. In India, the Russian ruble value is around 1.30 Indian Rupee (as of May 2022).

History of the Russian Ruble: 

Russia’s currency, the ruble, has been in use since the 13th century and has undergone numerous changes, including revaluations and devaluations. Before the dissolution of the Soviet Union in 1992, the currency’s symbol was SUR, and it remained RUR until the redenomination of 1998. After the redenomination in 1998, one new ruble was equivalent to 1000 old rubles. The Russian ruble’s exchange rate has generally measured global commodity prices in recent years, particularly the price of oil. In the second half of 2014, the ruble lost more than half of its value against the dollar as oil prices fell worldwide. Sanctions have been imposed in the form of money and other resources.

The Economy of Russia:

Russia is larger than the 48 contiguous states of the United States combined, and it is endowed with an abundance of natural resources. Russia’s GDP ranked 11th in the world in 2020, but it was only 7 percent of the size of the US economy. This is due to Russia’s heavy reliance on natural resource exports rather than higher-value-added industries. Russia’s GDP lags far behind that of countries of a similar size, such as Italy and France. The ongoing political tensions in Russia, combined with sanctions imposed by the international community, have had a negative impact on the country’s economy following the beginning of Russia’s invasion of Ukraine in February 2022. The value of the ruble and many Russian companies both began to decline.

Conclusion:

During both the Russian Empire and the Soviet Union, the ruble served as the country’s currency (the Soviet ruble). The Russian ruble is used informally as well. Russia, Belarus, and Transnistria are the only three countries that use the same currency. Many of Ukraine’s seized regions, the Crimean Peninsula, Donetsk, and Luhansk PPR, as well as the Georgian regions of Abkhazia and South Ossetia, use Russian rubles informally. With the ruble trading at a free-floating rate in April 2019, the Russian ruble value has become the world’s seventeenth most widely used currency.