How is the Russian ruble doing?

How did the ruble exchange rate after the attack before Ukraine developed?

After Russia annexed Crimea in March 2014, the ruble came under pressure. It reached a temporary low in 2015. March. At that time, about 66 rubles corresponded to one dollar – compared to 34 rubles in the same period last year. Over the year, the currency has lost nearly 50 percent of its value against the dollar.

After a temporary recovery, the exchange rate fell again in June 2015. 2016 in March, one US dollar cost about 78 rubles, which was about the same as the pre-war level in early 2022.

After 2022 February 24 the invasion of Ukraine and the temporary fall in the value of financial sanctions imposed by the West: the ruble fell to 120 against the US dollar (RUB / USD).

Read about it: Briefly about sanctions on Russia

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Although the West imposed sanctions against Russia over time it became more and more difficult, The Russian ruble rose significantly again in March 2022. The exchange rate is now even above pre-war levels. Specifically, the last time the ruble was quoted was about 62 rubles per dollar (May 18, 5:45 p.m.).

However, experts do not interpret this as a sign of ineffective sanctions. In their view, this certainly affects the Russian economy, but their impact on the ruble exchange rate is not so clear.

CommerzbankAccording to foreign exchange analyst Tathos Ghose, this is linked to the consequences of banning the export of many products to the West. As a result, Russia needs less foreign currency – and that would tend to support the ruble. At the same time, the Russian central bank strengthened the ruble, significantly raising interest rates. Sustained energy imports from Russia for oil and gas have also stabilized the currency so far.

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Read about it: Why the ruble rose again despite sanctions

What is the ruble?

The Russian ruble is the national currency of the Russian Federation. The ruble is divided into 100 kopecks. For comparison: the euro is divided into 100 cents. The first “rubles” were introduced in the 14th century. Over time, the ruble became Russia’s only currency. Due to high inflation, especially after the collapse of the Soviet Union, in 1998 The Russian ruble was revalued. The new ruble was revalued at a ratio of 1: 1,000. That is: one new ruble (1 RUB) is worth a thousand old rubles (1000 RUR).

What banknotes and coins make up the Russian ruble?

  • 1 Kopek
  • 5 Kopeken
  • 10 Kopeken
  • 50 Kopeken
  • 1 ruble
  • 2 rubles
  • 5 rubles
  • 10 rubles

Coins of one and five kopecks have been phased out since 2008.

There are currently eight different banknotes:

  • 10 rubles
  • 50 rubles
  • 100 rub
  • 200 rubles
  • 500 rubles
  • 1000 rubles
  • 2000 rubles
  • 5000 rubles

Until 1997 was a five-ruble banknote. It has now been completely replaced by a five-ruble coin. Since 2009 the ten-ruble banknote that has survived so far has also been replaced by a ten-ruble coin.

Unlike, for example, the euro, 10 to 500 banknotes and 1000 to 5000 banknotes do not differ in size.

What affects the ruble exchange rate?

The exchange rate is usually determined by supply and demand. An important factor influencing this is the level of interest rates in Russia. This is also influenced by the country’s political development and international relations. Global sanctions have recently forced Russia to depreciate the ruble.

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In addition, the currency is closely linked to the price of oil. The falling oil price in recent years has mostly had a negative impact on the Russian exchange rate. Oil and gas account for a large share of Russia’s trade in exports.

More: What the West can do to reduce the ruble

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