The Russian Ruble is the official currency of the Russian Federation and it is also the currency disputed territories including Abkhazia and South Ossetia, which are officially within the borders of Georgia. It is also unofficially the currency of Belarus and the rouble was the currency of the whole Soviet Union until it was dissolved in 1991.
The Russian ruble is divided into 100 individual kopeks and the ISO currency code for the ruble is RUB. The currency symbol for the ruble is ₽ which is taken from the Cyrillic alphabet and corresponds with the letter ‘er’. The symbol has only been in use for a short time and was put in place by public vote in 2013. The ruble has been the form of currency in Russia and other states for many years and prior to the ₽ symbol there had been no defined currency symbol for the ruble since the 18th century.
The History of the Russian Ruble
The word ruble is believed to have been taken from the Russian word ‘rubit’ which means ‘to chop’ and it has been the standard unit of currency for Russia and their territories since the 16th century. The kopek was first made official and introduced in 1710 as a one-hundredth of a ruble to make the currency more usable. Ruble coins were initially minted in silver and in 1704 coins had to have 28g of silver per ruble, as decreed by Peter I and this was brought down to 18g in the late 1700s. The larger denominations of the currency were cast in both gold and platinum.
In the early 19th century coins were issued for several denominations of kopek: ¼, ½, 2, 5 (all in copper), 1 ruble (in silver) 4 rubles (in gold). Notes were introduced later and until 1989 there were just 1, 3, 5, 10, 25, 50 and 100 ruble notes and from 1989 a 500 ruble note was added and 250 and 1000 ruble notes were added in 1917.
The hyperinflation after the First World War saw the ruble rendered entirely worthless and so it was replaced in 1922 by the Soviet ruble. This changed once more with the break-up of the Soviet Union in 1991 although they retained the use of the ruble and issued new banknotes which depicting the Bank of Russia in 1993. Bank of Russia coins were also issued in 1992 so the currency had a commonality to it. The ruble was devalued again in the 90s and by 1998 it was re-denominated with a single of the ‘new’ rubles being equal to 1,000 ‘old’ rubles. Currency devaluation seems to have been a bit of a theme in the rubles history as in 1998 it occurred again and the ruble saw its value depreciate by around 70% against the US dollar.
In 1998 more coins and notes were issued and a ten ruble coin was also introduced in 2009.
Russian Ruble Conversion Rates
Today 1₽ is worth approximately £0.01 or $0.014 and £1 is worth 99.84₽ whilst $1 is worth 69.9₽.
The Russian government banned gambling in 2009 and have limited gambling to four agreed regions: Rostov Border, Kaliningrad and Krasnodar, Altai and Primorie. There are no online casinos in Russia but there are some which will accept rubles as a valid currency, although they will need to be converted before used.
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