Russia begins to circulate new rubles to stem inflation and promote confidence.
The Russian ruble or rouble (Russian: рубль rublʹ; symbol: ₽, руб; code: RUB) is the official currency of the Russian Federation. The ruble is subdivided into 100 kopeks (sometimes written as kopecks or copecks; Russian: копе́йка kopeyka, plural: копе́йки kopeyki). The first Russian ruble (code: RUR) replaced the Soviet ruble (code: SUR) in September 1993 at parity or 1 SUR = 1 RUR. 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 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 Russian ruble is also unofficially used in the four partially recognised republics of Abkhazia, South Ossetia, Donetsk and Luhansk. As of April 2019, the ruble is the seventeenth most traded currency in the world, and a free-floating currency.