![]() The coins depict the double-headed eagle without a crown, sceptre and globus cruciger above the legend "Банк России" ("Bank of Russia"). dollar depreciated significantly from US$1 = 125 RUR in July 1992 to approximately US$1 = 6,000 RUR when the currency was redenominated in 1998.Īfter the fall of the Soviet Union, the Russian Federation introduced new coins in 1992 in denominations of 1, 5, 10, 20, 50, and 100 rubles. The ruble's exchange rate versus the U.S. The currency replaced the Soviet ruble at par and was assigned the ISO 4217 code RUR and number 810. A new set of coins was issued in 1992 and a new set of banknotes was issued in the name of Bank of Russia in 1993. The Russian ruble is also used in the parts of Ukraine under Russian military occupation and in Russian-occupied parts of Georgia.įurther information: Soviet ruble and Monetary reform in Russia, 1993įollowing the dissolution of the Soviet Union in 1991, the Soviet ruble remained the currency of the Russian Federation until 1992. The Soviet currency had different names in the different languages of the USSR Russia, Belarus, Uzbekistan, Kyrgyzstan, Azerbaijan, Turkmenistan, and Transnistria have all retained the Soviet-era names for their new currencies. In 1992 the currency imagery underwent a redesign as a result of de-Leninization. The ruble was the currency of the Russian Empire and of the Soviet Union (as the Soviet ruble). In 1998, preceding the financial crisis, the current ruble was redenominated with the new code "RUB" and was exchanged at the rate of 1 RUB = 1,000 RUR. The first Russian ruble (code: RUR) replaced the Soviet ruble (code: SUR) in September 1993 at par. The ruble is subdivided into 100 kopecks (sometimes written as copeck or kopek Russian: копе́йка, romanized: kopeyka, PL копе́йки, kopeyki). in Cyrillic, Rub in Latin ISO code: RUB) is the currency of the Russian Federation. ![]() The ruble or rouble ( Russian: рубль, romanized: rublʹ symbol: ₽ abbreviation: руб or р. Sberbank and Promsvyazbank did not immediately respond to a request for comment.The language(s) of this currency belong(s) to the Slavic languages. The central bank did not immediately comment.ĭominant lender Sberbank's (SBER.MM) CEO, German Gref, has also discussed reinforcing ties with the Islamic Republic, but has not yet entered the market, another source said, while fellow state-owned lender Promsvyazbank, which focuses primarily on the defence sector, is already present in Iran. Meanwhile, Bank of Russia Governor Elvira Nabiullina may visit Iran in the coming weeks to strengthen financial ties, a separate source told Reuters. VTB, whose CEO Andrei Kostin discussed cooperation at a meeting with Iran's ambassador last year, did not immediately respond to a request for comment. "Due to its active presence in the banking networks of Iran's export destinations such as CIS countries, India, Vietnam and particularly China, VTB will help to attract export earnings and reduce foreign transfer costs for Iran."Ī source familiar with the Iranian banking market said VTB had already opened correspondent accounts with Iranian banks. "The number of foreign banks' representative offices in recent years dropped from around 45 to 15, and VTB is the only bank to open its office during this period," semi-official news agency ILNA quoted Alireza Peymanpak, the head of Iran's Trade Promotion Organisation, as saying. The two countries have already connected their interbank communication and transfer systems, and Tehran has for months been planning to accept Russia's Mir payment cards, Moscow's alternative to Visa and Mastercard. Ties with Iran, disconnected from SWIFT since 2018, have become ever more crucial for Russia since Moscow despatched troops to Ukraine in February 2022. The lender is one of many key Russian banks now blocked from the SWIFT international financial messaging service. State-owned VTB plunged to a $7.7-billion loss last year as Western sanctions particularly targeted Russia's financial sector. May 17 (Reuters) - Russia's second-largest bank VTB (VTBR.MM) has opened a representative office in Iran, an Iranian official said on Wednesday, as Moscow and Tehran, both restrained by Western sanctions, seek to improve trade and transaction capabilities.
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