Always remember to choose without conversion if the ATM asks. You should always be charged in the local currency, otherwise, you will receive a poor exchange rate that will give you the equivalent of €5-15 less per withdrawal. The rouble became the official currency of Russia in 1704, when Tsar Peter I started regular minting of the rouble in silver. The silver rouble was used during the 18th and 19th centuries. But, silver roubles were debased during the 18th century and paper money was primarily used in the latter half of the 19th century.

  • In that case, the best money to take is dollars or euros, since they are widely accepted at currency exchange places all around the country.
  • It can also intervene in the foreign exchange market, buying or selling Rubles to stabilize or modify its value.
  • Coins are minted in the Moscow Mint and at the Saint Petersburg Mint, which has been operating since 1724.
  • The form rouble is preferred by the Oxford English Dictionary and probably derives from the transliteration into French used among the Tsarist aristocracy.

History of the Russian Ruble

And try not to exchange your money at airport city index review kiosks because of the high fees and be careful of the more common tourist traps. The currency of a country is a good indicator of past, present, and future happenings within a nation for those that know where to look. And there aren’t many currencies that have experienced the volatility that the rouble has. The RUB 1000 banknote is turquoise and slightly longer than the other notes. The Yaroslav the Wise Monument and the Our Lady of Kazan Chapel are on the front of the note. The other side depicts the beautiful Beheading of St John the Baptist Church in Tolchkov.

  • Beware of bad exchange rates.Banks and traditional providers often have extra costs, which they pass to you by marking up the exchange rate.
  • The official currency of the Russian Federation is the Russian rouble (Российский рубль).
  • 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.
  • The sanctions targeted key sectors of the Russian economy, such as energy, finance, defense, and trade, and restricted access to foreign capital and technology.
  • One thing can be said for certain – the Russian rouble is a volatile currency.

The Digital Ruble

The Russian Ruble has been the currency of Russia as long as the country has existed, included the Soviet Union period. It’s the second-oldest currency in the world, after the Sterling pound. However, the Ruble has been remade and re-introduced several times due to hyperinflation. 1 US dollar is worth approximately 72.75 Russian roubles as of November, 2021. However, because Russian currency is unstable and commodity trading strategy often fluctuates, you should always use a currency converter to check the daily rates if you are interested in the current situation.

What Is the Russian Ruble (RUB)?

You can online and have high-grade banknotes delivered to your doorstep. The rouble as unit of currency has been used in Russia since the 13th century. One theory of the origin of the word rouble is that it is derived from the Russian word for ‘to chop’ (‘rubit’) as originally a rouble was a slither chopped of a piece of silver. It is theorised that kopeck is the diminutive form of the Russian word for a ‘spear’ (‘kopyo’) as the first kopeck coins contained the image of a spear. Russian ruble notes are printed in Moscow’s state-owned factory, which began its operations at the end of World War I. Coins are minted in both Moscow and the almost 300-year-old St. Petersburg Mint. While there is no official symbol, py6 (three Cyrillic characters equal to RUB in Russian) is currently used to represent the Russian ruble.

The Belarusian rubel replaced the Russian ruble as the country’s official currency in 1992. 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. Geopolitical events, particularly Russia’s conflicts with Ukraine and the sanctions imposed from various nations, have played substantial roles in devaluing the Ruble’s exchange rate. Despite the tumultuous economic climate, Russia has pioneered in the digital currency space with the introduction of a Central Bank Digital Currency. The Bank of Russia maintains control over the Ruble’s value through various monetary policy tools.

For the ruble to maintain today’s level against the dollar over the long term, Meduza’s source says there would need to be at least a partial easing of sanctions, in order to boost exports or reduce capital flight — or both. However, even with Russia’s recent diplomatic gains, there’s currently no talk of such easing. The best currency to use in Russia is Russian Ruble, and the best way to get Rubles is by using a local ATM and a travel card with zero fees. The Russian currency is given out by the central bank (Банк России) which has its headquarters in Moscow. During the Soviet Union, the currency code SUR was used, but after the fall of the Soviet, the currency code changed into RUR.

On the front it says 10 roubles in Russian and on the back is the Russian double-headed eagle. There is also a series of special commemorative RUB 10 coins, which depict coat of arms of cities of military glory. The Russian rouble (or ‘rouble’) is the official currency of Russia. You’ll see it written in Russian as рубль or ‘rubl’ and its plural as рубли́ or ‘rubli’). The nordfx forex broker overview rouble is fiat money, and was the world’s first decimal currency.

Live Currency Rates

The Unicode CJK Compatibility block contains U+3354 ㍔ SQUARE RUUBURU, a square version of ルーブル (rūburu), the Japanese word for “ruble”. There are lots of ATMs in the Russian cities, but if you travel to the countryside or smaller towns, the selection of ATMs will be lower. Both VISA and Mastercard are accepted in the Russian ATMs, and when you use foreign cards, the machine will most of the times display in English.

There have been different versions of the ruble due to the various changes in the currency’s value. On November 23, 2010, Russian President Vladimir Putin and the then-Prime Minister of China, Wen Jiabao, declared that Russia and China would use their currencies instead of USD for bilateral trade. The goal was to further strengthen relations between Moscow and Beijing and secure their local economies during the economic crisis. Ruble, the monetary unit of Russia (and the former Soviet Union) and Belarus (spelled rubel).

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. It was also the first currency in Europe to be decimalised in 1704, when it was divided into 100 kopecks.22 The silver ruble was used until 1897, and the gold ruble was used until 1917. The National Bank of the Republic of Belarus has the exclusive authority for issuing banknotes and coins in the country.

If you plan to exchange money in Russia, the best currency to take is Euros and US dollars. However, it’s much better to use a travel card like Revolut and pay by card or take out cash from a local ATM upon arrival. There are several exchange bureaus that can exchange foreign currency in Russia. However, it’s not recommended to use these because you will get more value for your money by withdrawing cash from a local ATM or pay by card. Russian Ruble is usually not available abroad unless you live in a former soviet country.

Russian Ruble (RUB): Overview of Russia’s Currency

A slang term for RUB 1000 is a ‘shtuka’ which literally means a ‘thing’. The RUB 100 banknote is beige in colour and features Moscow. On the front is a depiction of the statue of the man and chariot which stands on top of the Bolshoi Theatre.

The coins are 27mm in diameter and are made out of cupronickel with a brass ring around the edge. These coins are all commemorative and there are several themes, including federal subjects and ancient cities of Russia. 1 and 5 kopeck coins are becoming rarer as shops are more frequently rounding amounts up or down. None of these coins can actually buy you anything, and it is not unusual to see them discarded at the checkout if they are given as change. On the front of the coin the number of kopecks is written in figures and the back depicts an image of St George slaying the dragon.

Even during the Great Recession of 2007 – 2009, the rouble held steady. Further, in 2010, China and Russia started using their national currencies for bilateral trade, where previously the USD was used. In late 2017, Russia announced the Russian ruble as the only legal tender in Crimea. Since the dissolution 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.