Timeline

• 25.02.1718
• JD:14.02.1718
• Nominal decree on the standardization of the gold and silver Ruble; effective immediately
  - 04.04.1731 [JD:23.03.1731]: Nominal decree on adjusting the fineness of the silver Ruble; effective immediately
• 23.11.1755
• JD:12.11.1755
• Nominal decree on reducing the gold-to-silver ratio (weight reduction of the gold Ruble); effective immediately
• 28.01.1762
• JD:17.01.1762
• Nominal decree on reducing the weight of the silver Ruble; effective immediately
• 10.04.1764
• JD:30.03.1764
• Nominal decree on reducing the gold-to-silver ratio (weight reduction of the gold Ruble); effective immediately
• 09.01.1769
• JD:29.12.1768
• Nominal decree on the establishment of the state-owned "State Assignation Bank" with a privilege for the issuance of paper money; effective upon constitution of the bank on 13.02.1769 [JD:02.02.1769]
• 31.01.1797
• JD:20.01.1797
• Mint order (manifesto) on the creation of a "heavy" silver Ruble (adopting the silver standard); effective immediately
• 14.10.1797
• JD:03.10.1797
• Mint order (manifesto) on the abolition of the "heavy Ruble" and return to the 1762 bimetallic weight standard with adjusted fineness; effective immediately
  - 26.02.1817 [JD:14.02.1817]: Nominal decree on adjusting the fineness of the gold Ruble; effective immediately
• 06.05.1828
• JD:24.04.1828
• Nominal decree for the introduction of platinum Ruble coins; effective immediately
  - 03.04.1845 [JD:21.03.1845] Nominal decree on the abolition of the platinum coinage and demonetization of the coins within 6 months.
• 13.07.1839
• JD:01.07.1839
• Government resolution (manifesto) on the reformation of the paper money system and nominal decree on the creation of a silver depository at the State Commercial Bank; effective immediately:
  - 02.01.1840 [JD:20.12.1839]: Start of issuance of depository notes by the State Commercial Bank
  - 13.07.1841 [JD:01.07.1841]: Planned start of issuance of credit notes by the State Loan Bank (not implemented).
• 13.06.1841
• JD:01.06.1841
• Government resolution (manifesto) on the issuance of state credit notes and withdrawal of the circulating paper money; effective immediately:
  - 13.09.1843 [JD:01.09.1843]: Start of issuance of the credit notes and exchange of the assignations at a rate of 1 : 3.50 and the depository notes at a rate of 1 : 1
  - 13.04.1851 [JD:01.04.1851] (originally 13.01.1849 [JD:01.01.1849]): End of exchange period for the assgnations
  - 13.03.1853 [JD:01.03.1853]: End of exchange period for the depository notes.
• 12.06.1860
• JD:31.05.1860
• Nominal decree on the establishment of the State Bank of the Russian Empire as state-owned commercial bank; effective upon constitution of the bank on 13.05.1862 [JD:01.05.1862]
  - 19.06.1894 [JD:06.06.1894]: Nominal decree on the extension of the bank's charter with the privilege for issuance of paper money; effective immediately (no notes were issued).
• 08.01.1886
• JD:17.12.1885
• Government resolution on the adoption of the gold-to-silver ratio of the Latin Monetary Union at a rate of 1 Russian Ruble = 4 French Francs; effective 13.01.1886 [JD:01.01.1886] (?)
• 15.01.1897
• JD:03.01.1897
• Nominal decree on the adoption of the gold standard at a rate of 1 Russian Ruble = 2.66⅔ French Francs; effective 26.11.1897 [JD:14.11.1897]
• 11.09.1897
• JD:29.08.1897
• Nominal decree on the transfer of the issuance privilege for state credit notes from the Treasury to the State Bank of the Russian Empire; effective immediately;
  - The credit notes were issued after 1898, based on the nominal decree of 26.11.1897 [JD:14.11.1897].
• 27.12.1917
• JD:14.12.1917
• Decree [No. 150] of the All-Russian Central Executive Committee on the liquidation of all banks (including the State Bank) and seizure of all capitals; effective immediately

Valuation Regimes

• 1718-1843
• Metallic currency based on circulating gold and silver coins, 1828-1845 also platinum coins. Base weight was the Russian pound / 96 Zolotnik / 96 Doli at 409.512 grams. For copper coins, the base unit was the Russian pud of 40 pounds. Fineness was expressed by the number of "parts" (zolotniki) of silver contained in a gross pound of 96 zolotniki.
  After 1769, state paper money began dominating the financial transactions. Due to government overspending, the value of paper began to decline against specie after 1790, reaching 25% after the Napoleonic Wars, and finally settling at a ratio of 1 : 3½.
• 1843-1885
• Metallic currency based on circulating silver coins, gold coins were no legal tender but remained current at a fixed agio of 3% above nominal value. Until 1885, gold appreciated to 1.50 : 1 against silver and paper. Base weight was the Russian pound / 96 Zolotnik / 96 Doli at 409.512 grams. Circulation was dominated by state credit notes.
• 1885-1897
• Metallic currency based on circulating gold and silver coins. Base weight was the Russian pound / 96 Zolotnik / 96 Doli at 409.512 grams. For copper coins, the base unit was the Russian pud of 40 pounds. Fineness was expressed by the number of "parts" (zolotniki) of silver contained in a gross pound of 96 zolotniki.
• 1897-1922
• Metallic currency based on circulating gold, the convertibility of the paper money was suspended on 08.08. 1914 [JD:27.07.1914]. Hyperinflation after 1918.

Timeline

• 12.10.1921
• Decree [No. 615] of the All-Russian Central Executive Committee on the establishment of the State Bank of the RSFSR within the People's Committee of Finance (Narkomfin); effective upon constitution of the bank on 16.11.1921
• 03.11.1921
• Decree [No. 643] of the Council of People's Commissars on the currency reform, all earlier notes (state notes "Romanovki") 1905-1912, provisional government notes ("Kerenki") 1917, state notes ("Pyatakovski") 1918, state notes 1919-1921 ("Sovznaki") remained in circulation at a rate of 1 : 10'000 to the new notes; effective 01.01.1922
• 08.09.1922
• Decree [No. 738] of the Council of People's Commissars on the withdrawal and demonetization of the earlier notes; effective 01.10.1922
• 11.10.1922
• Decree [No. 1.55] of the Council of People's Commissars (renewing an earlier decree [No. 578] of 25.07.1922) on the issuance of banknotes by the State Bank of the RSFSR denominated in Chervonets of 10 Rubles (at least 25% backed in gold) for use in transactions between state institutions; effective immediately (issuance began on 22.11.1922)

Valuation Regimes

• 1922
• Variable rate, highly inflationary

Timeline

• 24.10.1922
• Decree [No. 867] of the Council of People's Commissars on the currency reform, the 1922 notes remained in circulation at a rate of 1 : 100 to the new notes; effective 01.01.1923

Valuation Regimes

• 1923-1924
• Variable rate, highly inflationary

Timeline

• 13.07.1990
• Resolution of the Supreme Soviet of the Russian Federation on the nationalization of the State Bank of the USSR as "State Bank of the Russian Federation"; effective 01.07.1991 (retroactive)
• 02.12.1990
• Law of the Russian Federation [No. 394] on the establishment of the Central Bank of the Russian Federation (out of the State Bank); effective upon constitution of the bank on 21.06.1991
• 11.12.1990
• Law of the USSR [No. 1828] on the collaboration between the State Bank of the USSR and the central banks of the republics and on the common currency; effective immediately
• 20.12.1991
• The Central Bank of the Russian Federation takes over operations from the (defunct) State Bank of the USSR

Timeline

• 09.10.1992
• Law [No. 3615] on currency regulation and control; effective 25.12.1992
• 27.02.1992
• Start of currency exchange:
  - 27.02.1992: Issuance of modified banknotes of the "Bank of the USSR"
  - 14.07.1992: Start of issuance of new banknotes by the "Central Bank of the Russian Federation"
  - 26.07.1993: Presidential decree [No. 1107] (legislating a central bank resolution [No. 131-93] of 24.07.1993) on the withdrawal of the Soviet paper money
  - 31.12.1993 (originally 31.08.1993): End of exchange period and demonetization of the Soviet currency.

Valuation Regimes

• 1992
• Fixed rate against US Dollar
• 1992-1997
• Variable (inter-bank) rate, highly inflationary

Timeline

• 04.08.1997
• Presidential decree [No. 822] on the currency reform; effective 01.01.1998
• 01.01.1998
• Start of currency exchange:
  - 01.01.1998: Start of issuance of the banknotes and coins
  - 31.12.1998 Demonetization of the former currency.

Valuation Regimes

• 1998-
• Variable rate