What Country Uses Rubles and Its Currency History

The Russian Federation is the country that uses rubles as its official currency. The Russian ruble, also known as the rouble, has a long and complex history dating back to the 13th century.

The first ruble was introduced in 1704 and was pegged to the silver ruble, which was equivalent to 14 grams of silver. The ruble has undergone several revaluations and reforms over the centuries.

In modern times, the Russian ruble is subdivided into 100 kopeks, and its value is determined by the foreign exchange market.

The Soviet ruble, also known as SUR, was the sole currency of the Soviet Union from 1922 to 1991.

It was issued by the State Bank of the USSR and continued to be used in the 15 Post-Soviet states until it was replaced by new national currencies.

The Soviet ruble was reintroduced in the Russian Federation by 1993, marking the end of the SUR era.

The Imperial Ruble was a significant milestone in the history of the Russian currency. It was introduced in 1704 by Peter the Great.

The Imperial Ruble was a silver coin with a weight of 28.1 grams and 72% fineness, containing 20.22 grams of fine silver.

In 1704, Peter the Great decided to subdivide the ruble primarily into 100 copper kopeks, making the Russian ruble the world's first decimal currency.

The amount of silver in a ruble varied in the 18th century, and coins worth over a ruble were minted in gold and platinum.

By the end of the 18th century, the ruble was set to 4 zolotnik 21 dolya of pure silver or 27 dolya of pure gold, with a ratio of 15:1 for the values of the two metals.

In 1828, platinum coins were introduced, with 1 ruble equal to 772/3 dolya of platinum, which is about 3.451 grams.

The Imperial Ruble was pegged to the French franc at a rate of 1 ruble = 4 francs in 1885, but this rate was revised in 1897 to 1 ruble = 22/3 francs.

The Soviet ruble, issued by the State Bank of the USSR, was the sole currency of the Soviet Union from 1922 to 1991.

It had the ISO 4217 code: SUR, which identified it as a unique currency.

The Soviet ruble was used in the 15 Post-Soviet states after the Soviet Union's breakup in 1991.

It continued to be used in these countries until it was replaced by new national currencies.

In the Russian Federation, the Soviet ruble was eventually replaced by the reintroduced Russian ruble in 1993.

The Russian Ruble during this period was highly unstable, with a 1:1 peg to the US dollar being introduced in 1992, but it was abandoned in 1993 due to hyperinflation.

In 1993, the ruble lost 2,500% of its value, making everyday transactions extremely difficult.

The government tried to stabilize the currency by introducing a new ruble in 1998, but it was still a challenging time for the Russian economy.

The Russian Ruble was revalued several times during this period, with the value fluctuating wildly.

The Russian ruble has had a tumultuous ride since its redenomination in 1998. The ruble was exchanged at the rate of 1 RUB = 1,000 RUR, with all Soviet coins issued between 1961 and 1991 qualifying for exchange.

In the months following the redenomination, the ruble lost 70% of its value against the US dollar. This was largely due to the 1998 Russian financial crisis.

The ruble stabilized at around US$1 = 30 ₽ from 2001 to 2013, but then depreciated to the range of US$1 = 60–80 ₽ from 2014 to 2021. This decline was largely due to the annexation of Crimea by the Russian Federation in 2014 and the 2010s oil glut.

The ruble continued to decline after the 2022 Russian invasion of Ukraine, falling to US$1 = 110 ₽ due to sanctions. In April 2022, the ruble briefly went above its pre-full scale invasion level, but the longer-term trend showed a steady decline.

By 27 November 2024, the ruble had fallen to US$1 = 114.5 RUB, with the currency depreciating against USD and EUR at a rate of nearly 2% per day.