Republication and duplication of text and coin images and all other Content of uCoin.net site is prohibited unless explicitly authorized by, 125th Anniversary - Birth of Janis Rainis, ' ' (One ruble one ruble). In the very beginning of the post-Soviet economic transition, it was widely believed by ordinary people and monetary institutions (including the International Monetary Fund) that it was possible to maintain a common currency working for all or at least for some of the former Soviet Union's countries. This page was last edited on 21 April 2023, at 04:57. Kopeck denominations all depict St George and the Dragon, and all ruble denominations (with the exception of commemorative pieces) depict the double headed eagle. They were dated 1923 and were in denominations of Rbls10,000, Rbls15,000, and Rbls25,000. It implies a gold parity of Rbls31.50 per troy ounce or Rbl1 = 0.987412 gram of gold, but this exchange for gold was never available to the general public. Sources: FactSet, Tullett Prebon, Commodities & Futures: Futures prices are delayed at least 10 minutes as per exchange requirements. 100 of them would have had a value equivalent to 120 grams of gold. - kopeyka, kopeyki ). New banknotes were implemented using the old 1991 model even after the collapse. These coins all had the same basic design and became the most likely for release. wide security thread is embedded into the paper. Commemorative coins from this period were always slightly larger than general issues, 50kop and Rbl1 coins in particular were larger, while the 1967 series of the small denominations were the same circumference but thicker than general issues. To answer these questions the Historical Currency Converter uses a short-cut, by comparing the worth of various sums in various currencies in their purchasing power of . By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. Creators:Aleksej Kolodkin, V.M. Even after the USSR ceased to exist, it was still titled as the money of the USSR. After the failed project of making the 50th anniversary banknotes for 1967[10].The projects for the 30 ruble in 1988 were worked out in Goznak. # of years). In 1938, new notes were issued for Rbl1, Rbls3, and Rbls5, dropping the word "gold". Starting from 1998, Russia redenominated its currency at a rate 1,000 to 1 . In late February after the invasion, the ruble crashed to its weakest-ever level against the dollar, and Russia's central bank more than doubled interest rates, to 20 percent, as part of its . Chart. Following World War II, the Soviet government implemented a confiscatory redenomination of its currency (decreed on December 14, 1947) to reduce the amount of money in circulation. Statista. All denominations were colored and patterned in a similar fashion to late Czarist notes. The ruble was trading as low as 119 per dollar as offshore trading started on Monday morning during Asia hours, from nearly 84 per dollar the previous day, according to Factset data. Soviet ruble, 1924: 100 rubles = $45 = 26 pairs of galoshes. The predominant colour of the note is blue. [20] Proponents of the new sign claimed that it is simple, recognizable and similar to other currency signs. The Russian central bank responded in July 1992 by setting up restrictions on the flow of credit between Russia and other states. The Central Bank of the Russian Federation (CBR) Online Currency Converter United States dollar (USD) and Russian ruble (RUB) Year 2000 Exchange Rate History. The abbreviations Rbl (plural: Rbls) in Latin[14][15] and . Unlike other reforms, this one did not affect coins. On 1 January 1961, the currency was revalued again at a rate of 10:1, but this time a new coinage was introduced in denominations of 1kop, 2kop, 3kop, and 5kop in aluminium-bronze, and 10kop, 15kop, 20kop, and 50kop and 1Rbl in cupro-nickel-zinc. It allows API clients to download millions of rows of historical data, to query our real-time economic calendar, subscribe to updates and receive quotes for currencies, commodities, stocks and bonds. In 1993, aluminium-bronze 50-ruble coins and cupro-nickel-zinc 100-ruble coins were issued, and the material of 10 and 20-ruble coins was changed to nickel-plated steel. Upon launch of the New Economic Policy in 1921 came efforts to revive as currency and accounting unit the pre-war gold standard ruble, equal to 110 of a chervonets (with Rbls10. equal to 8.602 g of 90% fine gold, then equal to US$5.14). Moldovan has switched to Latin and is once again referred to as Romanian. In 1935, the reverse of the 10-, 15-, and 20 kopeck coins were redesigned again with a simpler Art Deco inspired design, with the obverse of all denominations also redesigned, having the "Workers of the world, unite!" They are all in banknote form and started their issue in 1919. It is nearly identical to those of the 5-Swiss franc coin (31.45mm, 13.2 g cupronickel), worth approx. statistic alerts) please log in with your personal account. In 1991, after the dissolution of the Soviet Union, the Soviet ruble continued to be used in the post-Soviet states, forming a "ruble zone", until it was replaced with the Russian ruble in September 1993. The 1,000 banknote was first issued on 1 January 2001 and the 5,000 banknote was first issued on 31 July 2006. A notable exception was that the more-colourful Rbls100. note of this series was still dated 1991 unlike the others. Since it was clear that the situation would not last, each of them used their positions as "free-riders" to issue huge amounts of money in the form of credit (since Russia held the monopoly on printing banknotes and coins). Lipper shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon. [citation needed]. About half that amount is located in the U.S. and Europe. Although, there aren't only one type of banknotes and some of these prototype notes were discovered in different places, even though it's authenticity is still questioned as of one of the most outstanding banknotes of this (20, representing M.N Kutuzov)[11] series also becoming one of the most controversial ones because it was found in a professional banknote collector's album, as it was randomly discovered. The Trading Economics Application Programming Interface (API) provides direct access to our data. The new coins are struck in cupronickel. In Unicode version 7.0 it was assigned the encoding U+20BD RUBLE SIGN. The Sevastopol side of the note features the Monument to Sunken Ships in Sevastopol Bay and a fragment of the painting "Russian Squadron on the Roads of Sevastopol" by Ivan Aivazovsky. Profit from the additional features of your individual account. Dollar. The symbol consisted of the Russian letters "" (rotated 90 anti-clockwise) and "" (written on top of it). Again it continued to depreciate versus the gold ruble until the latter climbed to Rbls50,000 in 1924. All banknotes had the currency name and their nominal printed in the languages of every Soviet Republic. That plunge in the currency's value of 30% to 40% would add about 5 percentage points to inflation, said Sergey Alekashenko, who was a senior Russian central-bank official in the late 1990s and. RUB to USD | historical currency prices including date ranges, indicators, symbol comparison, frequency and display options for Russian Ruble/U.S. What is, for example, 100 1850's roubles in present day USD? From July 2014 to February 2015 the ruble fell dramatically against the U.S. dollar. - The Washington Post", "Crash Course: The Ruble's Volatile Two Decades", A commercial site with some relevant historical information, Historical banknotes of the Soviet Union (incl. In August 1941, the wartime emergency prompted the minting facilities to be evacuated from the Neva district in Moscow and relocated to Permskaya Oblast as German forces continued to advance eastward. Check send rates Russian Ruble to US Dollar conversion Last updated Apr 29, 2023, 08:04 UTC Convert Russian Ruble to US Dollar These were followed in 1919 by currency notes for 1-, 2-, 3-, 15-, 20-, 60-, 100-, 250-, 500-, 1,000-, 5,000-, and 10,000 rubles. In 1924, copper and silver coins were again minted to pre-war Czarist standards, in denominations of 12kop, 1kop, 2kop, 3kop, and 5kop (copper), 10kop, 15kop, and 20kop (in 50% silver), and 50kop, and Rbl1 (in 90% silver). (adsbygoogle = window.adsbygoogle || []).push({}); As of Tuesday, May 02, 2023, 08:47 AM GMT, 10000000 Russian Ruble = 124,784 US Dollar. WSJ's Dion. Central Bank of the Russian Federation. Only the 1 and 2 ruble notes were designed. The state emblem also went through a series of changes between 1935 and 1957 as new soviet republics were added or created, this can be noted by the number of "ribbons" wrapped around the wheat sheaves. ; also, several forms of virtual rubles (called "cashless ruble", ) were used for inter-enterprise accounting and international settlement in the Comecon zone.[5]. A transparent polymer security stripe is embedded into the paper to make a transparent window incorporating an optically variable element in the form of a snowflake. The ruble had an average inflation rate of 23.14% per year between 1993 and today, producing a cumulative price increase of 51,408.48%. In this series, Rbl1. notes were issued on 27 June 1991, Rbls3 notes on 3 November 1991, Rbls5. notes on 5 July 1991, Rbls10 notes on 10 July 1991, Rbls50 and Rbls100 notes on 23 January 1991, Rbls200 notes on 29 October 1991, and Rbls500 notes on 24 December 1991. Copper coins were minted in two types; plain edge and reeded edge, with the plain-edged types being the fewest in number. Only paper money was issued, in the form of state currency notes in denominations of 50 kopecks and 1, 5, 10, 25, 50, 100, 250, 500, 1,000, 5,000, and 10,000 rubles. Most of the new economies were weak and hence most of the currencies have undergone significant reforms since their introduction. Please confirm your are a human to continue use our site. Initially an uncoined unit of account, the ruble became a circulating coin in 1704 just before the establishment of the Russian Empire. It built on the stability in the exchange value of the third ruble which happened towards the end of 1923.[6]. Source: FactSet, Markets Diary: Data on U.S. Overview page represent trading in all U.S. markets and updates until 8 p.m. See Closing Diaries table for 4 p.m. closing data. The first Russian ruble (RUR) introduced in January 1992 depreciated significantly versus the US dollar from US$1 = 125RUR to around US$1 = 6,000RUR (or 6RUB) when it was redenominated in January 1998. Nikischenko. In April 2016, the Central Bank of Russia announced that it will introduce two new banknotes 200 and 2,000 in 2017. Any copying, republication or redistribution of Lipper content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Lipper. doc_daneeka 8 yr. ago. Overview and forecasts on trending topics, Industry and market insights and forecasts, Key figures and rankings about companies and products, Consumer and brand insights and preferences in various industries, Detailed information about political and social topics, All key figures about countries and regions, Market forecast and expert KPIs for 600+ segments in 150+ countries, Insights on consumer attitudes and behavior worldwide, Business information on 70m+ public and private companies, Detailed information for 35,000+ online stores and marketplaces. [Online]. (2021). Sources: FactSet, Dow Jones, Bonds: Bond quotes are updated in real-time. Limits were put in place on how much change could be carried in coins with limits of 3Rbls for individuals and 10Rbls for vendors to prevent hoarding as coins became increasingly high in demand. FactSet (a) does not make any express or implied warranties of any kind regarding the data, including, without limitation, any warranty of merchantability or fitness for a particular purpose or use; and (b) shall not be liable for any errors, incompleteness, interruption or delay, action taken in reliance on any data, or for any damages resulting therefrom. [8] The ruble lost 70% of its value against the US dollar in the six months following this financial crisis, from US$1 = 6 to approximately 20 . However, as the ruble was not internationally exchangeable and as Soviet citizens could not legally own foreign currency, rubles changed hands in the black market at an average of Rbls4.14 per dollar in the same period 197188. The final collapse of the "ruble zone" began with the exchange of banknotes by the Central Bank of Russia on Russian territory at the end of July 1993. See Monetary reform in the Soviet Union, 1991. The inflation rate in Russia between 1993 and 2021 was 38,082.56%, which translates into a total increase of 38,082.56. Questions must have a definitive answer. This means that 100 rubles in 1993 are equivalent to 38,182.56 rubles in 2021. In other words, the purchasing power of 100 in 1993 equals 51,355.55 today. Only enter the numbers, any other characters or seperation marks will be trashed, in the box to the left of Russian Ruble (RUB), then click the "Convert" button; Click on "Russian Ruble (RUB)" link to convert Russian Ruble to all other currencies; Click on "US Dollar (USD)" link to convert US Dollar to all other currencies; Click on the link "Swap currencies" to convert from US Dollar to Russian Ruble; Click on the "Group converter" link to convert a group of numbers all at one time. The Soviet Union ran a planned economy, where the government controlled prices and the exchange of currency. [43], In late 2022, the Central Bank returned to 5-ruble and 10-ruble note to circulation; freshly printed notes began appearing in 2023. New 1991-dated banknotes were all issued as USSR State Bank notes (including the 1-, 3-, and 5-ruble denominations), with nearly identical colours and size for all denominations, but included more colour and heightened security features. Sorry, you can not add new coins because you have exceeded the limit. On the reverse there is the number 2018 that marks both the issue of the banknote and the World Cup, as well as the name of the host cities in the Russian language. Subsequent mintings of the coin, starting in the 18th century, bear instead Saint George striking down a serpent. Short-term treasury certificates were also issued to supplement banknote issue in 1,000,000-, 5,000,000-, and 10,000,000 rubles. [38] In February 2017, the Central Bank of Russia announced the new symbols. "Exchange rate of the U.S. dollar to the Russian ruble from July 1, 1992 to December 31, 1998." Gummerus, Jyvskyl 2007. New 1992-dated notes, similar in appearance to the 1991 issues, were printed in denominations of Rbls501,000. The first kopeck coins, minted at Novgorod and Pskov from about 1534 onwards, show a horseman with a spear. Initially, commemorative rubles were struck in the same alloy as other circulating coins until 1975, when its composition was changed to higher-quality copper-nickel with zinc excluded. 10 and 50 kopecks were also changed from brass to brass-plated steel. 1,990 RUB is equal to 24.39 USD Rate: 0.0123 +0.000060 Change value during the period between open outcry settle and the commencement of the next day's trading is calculated as the difference between the last trade and the prior day's settle. You won't receive this rate when sending money. Initially an uncoined unit of account, the ruble became a circulating coin in 1704 just before the establishment of the Russian Empire. Details on the introduction of new currencies in the newly independent states are discussed below. The Central Bank forecast a 4.7 percent decline in GDP if oil prices stay at $60 per barrel. Modifications to the series were made in 2001, 2004, and 2010. Since it is impractical to limit the access of minors to banknotes, he requested in his letter to the Governor of the Bank of Russia Elvira Nabiullina to immediately change the design of the banknote.[49]. The trading of the Chinese yuan against the ruble has started in the Chinese interbank market, while the yuan's trading against the ruble was set to start on the Russian foreign exchange market in December 2010. No chervonets were issued in gold, just decrees on the parity of circulating rubles with the gold ruble, which already failed to take hold as early as 1925. And 1 ruble was worth 1.7841 dollar So 100 rubles=178,41 dollars De facto,this currency was never represented on market, but the official exchange rate from 1986 to 1991 was 1 dollar=0.56 rublrs And 1 ruble was worth 1.7841 dollar So 100 rubles=178,41 dollars Something went wrong. In 1991, the State Bank took over production of 1, 3 and 5-ruble notes and also introduced 200, 500 and 1,000-ruble notes, although the 25-ruble note was no longer issued. No one seems to be exactly sure of the exchange rate between dollars and rubles in the 1860s, but some say 3-4 rubles per dollar. The sudden transformation from a Soviet "non-currency" into a market currency contributed to the economic hardship following the dissolution of the Soviet Union in December 1991.[14][16][17]. By accepting all cookies, you agree to our use of cookies to deliver and maintain our services and site, improve the quality of Reddit, personalize Reddit content and advertising, and measure the effectiveness of advertising. United States dollar (USD) and Russian ruble (RUB) Year 2020 Exchange Rate History. The financial crisis in Russia in 20142016 was the result of the collapse of the Russian ruble beginning in the second half of 2014. Use Ask Statista Research Service. [60], On 23 November 2010, at a meeting of Russian Prime Minister Vladimir Putin and Chinese Premier Wen Jiabao, it was announced that Russia and China had decided to use their own national currencies for bilateral trade, instead of the US dollar. It comes out on the surface on the Sevastopol side of the banknote in the figure-shaped window. It was also the first currency in Europe to be decimalised in 1704, when it was divided into 100 kopecks. Ornamental designs run vertically along the banknote. The banknote is printed on high-quality white cotton paper. These are stamped with a denomination symbol and all languages of the former union were removed except Russian language. 1 ruble was worth 0.00090 before trading opened on Monday February 28, crashing to 0.0055 on the following Monday, March 7. 1. Sources: FactSet, Dow Jones, ETF Movers: Includes ETFs & ETNs with volume of at least 50,000. It could boost the social status of many small income earners, considering their average pay was 70 rubles. The ruble was the currency of the Russian Empire and of the Soviet Union (as the Soviet ruble). Current, but not issued from 2010 to 2021. Many different circulation commemorative 1Rbl. The main purpose of this change was to prevent peasants who had accumulated cash by selling food at wartime prices from using this to buy consumer goods as the postwar recovery took hold. During the first half of 1992, a monetary union with 15 independent states all using the ruble existed. Change value during other periods is calculated as the difference between the last trade and the most recent settle. The best of the best: the portal for top lists & rankings: Strategy and business building for the data-driven economy: Show sources information The bottom right corner of the obverse bears a QR-code, which contains a link to the page of the Bank of Russia website with the description of the note's security features. After the collapse of the Soviet Union. The ruble has seen several incarnations and redenominations during its history, the latest of which is the introduction in 1998 of the current Russian ruble (code: RUB) at the rate of 1RUB = 1,000RUR. Investors worry that the devaluation, along with falling oil and political tensions, will send Russia into recession this year. [71], Russia faced steep economic sanctions due to the invasion of Ukraine in early 2022. How much were roubles worth in the 1800's? [73] However, the ruble continued to rally in June 2022, hitting its highest point (51 rubles to the dollar) for the past seven years at the end of the month.[74]. It is exactly the same eagle that the artist Ivan Bilibin painted after the February Revolution as the coat of arms for the Russian Republic. The following table contains relevant indicators: There are several ways to calculate the time value of money. Learn how and when to remove this template message, USSR (Union of the Soviet Socialist Republics), Monetary reform in the Soviet Union, 1961, Monetary reform in the Soviet Union, 1991, List of commemorative coins of the Soviet Union, "NSV Liidu valuutassteem ja esimesed hisettevtted", https://books.google.com/books?id=ytFEAQAAMAAJ&pg=PA253, "Mit alten Rubelmnzen Automaten am Zrcher HB geplndert", " , , - ", " , , ! This Russian Ruble to US Dollar currency converter is updated with real-time rates every 15 minutes as of May 02, 2023. USSR 1 ruble 1990. [6] The gold ruble existed in parallel with the paper ruble of 19171922, which continued to depreciate versus the former, climbing to 50 billion paper rubles per gold ruble in March 1924. In 1998 the Russian ruble was redenominated with the new ISO 4217 code "RUB" and number 643, and was exchanged at the rate of 1 RUB = 1,000 RUR. [citation needed] By November 1993 all newly independent states had introduced their own currencies, with the exception of war-torn Tajikistan (May 1995) and unrecognized Transnistria (1994). To high earners, this is two months' worth of income at once if they earned 400 rubles. All rights reserved. Month average. In other words, it indicates how much are 100 worth today. The design of the note is vertically oriented. In 1957, all these notes were reissued with the old date but modified design: because of the abolition of the Karelo-Finnish SSR, the number of ribbons on the state emblem was reduced from 16 to 15, and the nominal in Finnish was removed from the obverse. all texts were in Russian only) in the 1992 issues; all 1991 notes (in exception to the 2nd 1991 Rbls100 banknote) contained all Soviet languages. The Soviet Union officially valued the ruble in the planned economy at an average of US$1.35 (or Rbl0.74 per US dollar; see below) from 1971 to 1988. These were followed by 50,000-ruble notes in 1993, 100,000 rubles in 1995 and, finally, 500,000 rubles in 1997 (dated 1995). Stalin failed to maintain the ruble's value versus the gold ruble as early as 1925, and by 1930 its value even struggled to stay above the melt value of the silver 10-, 15-, and 20kop coins. Like previous issues, the front featured the state arms and title while the back depicted date and denomination. [35] A number of commemorative smaller denominations of these coins exist in circulation as well, depicting national historic events and anniversaries. Here's Why That Matters. All silver coins were to be returned and melted down. All Soviet coins issued between 1961 and 1991, as well as 1-, 2- and 3-kopeck coins issued before 1961, also qualified for exchange into new rubles. It did, however, continue to be used in several former Soviet republics including Russia and particularly Tajikistan for a short time after the union had ceased to exist out of necessity. The fourth Soviet ruble was equal to 50,000 rubles of the third issue, or 50 billion paper rubles of the first issue, and began at par with the gold ruble (110 chervonets). On 22 May 2018, a special banknote to celebrate the 2018 FIFA World Cup was issued. We have a plan for your needs. To see historical exchange rates with graph,fill in the following fields and click Go! Depending on the data available, results can be obtained by using the Consumer Price Index (CPI) formula or the compound interest formula. Release date is the date of access. These are still used to-day, though are unofficial.[19]. The sanctions. In 1967, a commemorative series of 10kop, 15kop, 20kop, 50kop, and Rbl1 coins was released, celebrating the 50th anniversary of the Russian Revolution and depicted Lenin and various socialist achievements. I submitted a parliamentary request and forwarded it directly to the head of the central bank asking for the banknote to be brought into line with the law protecting children and to remove this Apollo. [46], Re-issued in 2022. On 30 October 2013, a special banknote in honour of the 2014 Winter Olympics held in Sochi was issued. However, Soviet citizens could not legally own foreign currency. [citation needed] The wish to preserve the strong trade relations between former Soviet republics was considered the most important goal. Candlestick chart. Russia holds about $640 billion worth of euros, dollars, yen and other foreign currencies in banks around the world. During this time, 1957 coins would continue to be restruck off old dies until the new coin series was officially released in 1961. It was also the first currency in Europe to be decimalised in 1704, when it was divided into 100 kopecks. Currently, you are using a shared account. [59] The banknote is printed on polymer. [4] The 1 and 5-ruble coins were minted in brass-clad steel, the 10 and 20-ruble coins in cupro-nickel, and the 50 and 100-ruble coins were bimetallic (aluminium-bronze and cupro-nickel-zinc). These coins have a unique holographic security feature inside the "0" of the denomination 10. Copyright FactSet Research Systems Inc. All rights reserved. Banknotes were issued by the USSR State Treasury ( , Gosudarstvenny kaznacheyskiy bilet) in denominations of Rbl1, Rbls3 and Rbls5, and by the USSR State Bank ( , Bilet gosudarstvennogo banka) in denominations of Rbls10, Rbls25, Rbls50 and Rbls100. [46], For the rest of the 20172025 series, the following designs are planned:[48]. In 1992 the currency imagery underwent a redesign as a result of de-Leninization. The front of the note features a snowboarder and some of the Olympic venues of the Sochi coastal cluster. A tool that automatically converts current robux currency value, to its value worth in Dollars. Central Bank of the Russian Federation. On 23 December 2015, another commemorative 100 banknote was issued to celebrate the "reunification of Crimea and Russia". Coins: The first coinage after the Russian civil war was minted in 19211923 according to pre-war Czarist standards, with silver coins of 10kop, 15kop, 20kop minted in 50% silver, 50kop ("poltinnik" or Rbl12) and Rbl1 in 90% silver, and Rbls10 (chervonets) in 90% gold. That seems. On December 15 the ruble plunged 11 percent, and . Please create an employee account to be able to mark statistics as favorites. While spending it could get you some of your dream items, sourcing the products was a problem. Since 2000, many bimetallic 10 circulating commemorative coins have been issued. If we assume that the dollar/rouble exchange rate remained faithful to their relative purchasing powers, 1 rouble in 1867 would be equal in purchasing power to $0.69 in 1878 and $16.42 in 2013. The Monetary Reform of 1991 was carried out by Mikhail Gorbachev and was known also as the Pavlov Reform. The USDRUB spot exchange rate specifies how much one currency, the USD, is currently worth in terms of the other, the RUB. For this reason, there have been several instances of (now worthless) Soviet and Russian ruble coins being used on a large scale to defraud automated vending machines in Switzerland.[5]. In 1995 the material of 50-ruble coins was changed to brass-plated steel, but the coins were minted with the old date 1993. The "Workers of the World" slogan was carried forward. Despite the note being intended for legal tender transactions, the Central Bank has simultaneously refused to allow the country's automated teller machines (ATMs) to recognize or accept it. These issue was printed in various fashions, as inflation crept up the security features were few and some were printed on one side, as was the case for the German inflationary notes. The larger coins were then melted down. Khudyakov, a member of parliament for the LDPR party stated, "You can clearly see that Apollo is naked, you can see his genitalia. Not to be confused with the Armenian letter, Currency distribution of global foreign exchange market turnover, The total sum is 200% because each currency trade always involves a. Albania, Australia, Austria, Belgium, Bulgaria, Canada, Croatia, Cyprus, Czechia, Denmark, Estonia, Finland, France, Georgia, Germany, Greece, Hungary, the Republic of Ireland, Italy, Japan, Latvia, Lithuania, Luxembourg, Malta, Montenegro, the Netherlands, New Zealand, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, Switzerland, Ukraine, the United Kingdom, the United States. The reform acted as a driver for the inflow of foreign capital into Russia and gave the country a hard convertible national currency. 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