Russian ruble Russian ruble The Russian ruble or rouble ( "rublʹ", plural: "rubli"; sign: ₽, руб; code: RUB) is the currency of the Russian Federation, the two partially recognised republics of Abkhazia and South Ossetia and the two unrecognised republics of Donetsk and Luhansk. The ruble is subdivided into 100 "kopeks" (sometimes written as "kopecks" or "copecks"; "kopeyka", plural: "kopeyki"). The ruble was the currency of the Russian Empire and of the Soviet Union (as the Soviet ruble). However, today only Russia, Belarus and Transnistria use currencies with the same name. The ruble was the world's first decimal currency: it was decimalised
Great Recession in Russia contributions. 1 September hike in reserve rate alone withdrew nearly 100 billion roubles from the money market. The raise coincided with a seasonal peak in tax payments and left the banking system in a worse state of liquidity than that of August 1998. A subsequent drop in rouble-to-dollar exchange rate and dollar-denominated prices of Russian corporate securities forced investors to crowd out, worsening the positive feedback loop. The interbank money market that traditionally relied on Russian corporate stock as a collateral for the repurchase agreements, immediately imploded in what was called "a crisis of trust" or even "elimination of trust":