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200 rubles 2017 (obverse) 2000 rubles 2017 (obverse) In 2017, new banknotes were introduced with new denominations of 200 rubles and 2000 rubles, [2] which depict the cities of Sevastopol (internationally recognized as Ukrainian while occupied by Russia since 2014) and Vladivostok — the cities of the Southern and Far Eastern Federal Districts of the Russian Federation, respectively.
Russia's trade surplus rose 8% year-over-year in the first 10 months of 2024, government data shows.Sanctions have also weighed on the ruble's demand in recent months.
In July 2024 the Russian Central Bank raised the key interest rate to 18%. [178] The 2024 budget expects revenues of 35 trillion rubles ($349 billion) with expenditure of 36.6 trillion, based on a Urals oil forecast of $71.30 per barrel, a 90.1 rubles to USD 1 exchange rate and inflation of 4.5%.
Following the dissolution of the Soviet Union in 1991, the Soviet ruble remained the currency of the Russian Federation until 1992. A new set of coins was issued in 1992 and a new set of banknotes was issued in the name of Bank of Russia in 1993. The currency replaced the Soviet ruble at par and was assigned the ISO 4217 code RUR and number 810.
After the U.S. and its allies sanctioned Russia in 2022 for its invasion of Ukraine, Moscow turned away from the dollar and euro in international transactions and relied more on China’s yuan.
By 2024, Russia's FX reserves were estimated to be around $570 billion to $600 billion, with a substantial portion in gold, yuan, and other non-traditional reserve assets. The total value fluctuates due to changes in the exchange rates of the reserve currencies and adjustments to gold holdings.
The central bank has confirmed that about $300 billion worth of assets have been frozen in the West. Total Russian foreign currency and gold reserves totalled $612 billion at the time.
Starting from 2024, the NWF will invest $3.2 billion in an $11.2b project to build 600 civilian aircraft which will be sold to airlines at a below cost price. [19] There was an increase in oil and gas revenues in the first four months of 2024, but the Russian Ministry of Finance still reported that the NWF funds were use to cover profit shortages.