Despite its relatively small size, Volkhov has played a large role in Russian history and economy: in recognition of that, a figure representing the Volkhov appears among the allegorical monuments to the four major rivers of Russia (the others are: Volga, Dnieper and Neva) on the rostral columns in the ensemble of the Old Saint Petersburg Stock Exchange and Rostral Columns. Its role in facilitating trade is due to its position as the only river penetrating deep into inland Russia that flows north towards the Baltic, rather than south towards the Caspian or Black Seas.