Russian Ruble
Currency

Introduction

Ruble is the currency used by three countries Russia, Belarus and Transnistria. It was widely used by many other countries such as Armenia, Azerbaijan, Tajikistan, Ukraine and Latvia, but the downfall of Soviet Union gave an opportunity for all these countries to have new individual currencies.

The subunit was ‘copecks’ or ‘kopeks’. The most important ruble denominated currencies is of the Russian federation, the Russian ruble. The Russian ruble is the currency unit of Russia for a long period of time, but the present ruble came into introduction in 1992. This is one of the few currencies that lacks a symbol for the official currency, yet symbols such as R and py6 are used as operations of exchange.

The Russian ruble currency code is RUB and the numeric code 643 as per the ISO regulations. However, Russia is the next largest oil producer after Saudi Arabia in the world. They contribute maximum revenues especially foreign exchange.

History

Ruble was serving the Russia as the main currency and was assumed to be the standard.

The popularity of ruble spread throughout the world and in 16th century coins were produced for daily operations. In 1648 the state purchased silver and banned private dealings. Ruble coins were minted in Moscow alone and minting in every town was stopped. In 1710, the coins were in silver and higher denominations in gold and platinum.

The initial gold ruble was in 1897, the second version was in banknotes in 1922. In 1923 once again it was revalued and only the banknotes were issued in circulation. In 1950, it was valued and the modern ruble in circulation is not in gold standard.

Structure

Russia bank note denominations have face values of 5, 10, 50, 100, 500, 1000 and 5000 rubles. They can be differentiated on their colors and patterns. The notes have symbolic buildings as images. The bank notes were in green, brown, blue, violet-blue, blue-green and red-orange in color.

The 5-ruble note is not issued and instead t ruble coin has been replaced. The coinage is in denominations 1,5,10 and 50 kopek, 1 ruble, 2 as well as 5 rubles. The coins also have engraved values on the back side and the front sides have engraved images.