25 Rubles (Great Victory) – Transnistria

In 2020, Transnistria, the unrecognized breakaway region of Moldova, continued to operate with a unique and complex multi-currency system. The de facto authorities in Tiraspol maintained the Transnistrian ruble (PRB) as the official legal tender for everyday transactions, pensions, and salaries within the region. However, this currency is non-convertible outside of Transnistria and is not recognized internationally, leading to a reliance on stronger foreign currencies for significant economic activity and savings.

The economy was fundamentally "euroized" and "dollarized," with the euro, US dollar, and Moldovan leu widely used alongside the local ruble. Major purchases, real estate transactions, and business contracts were predominantly conducted in these foreign currencies, as they provided stability and a store of value that the volatile Transnistrian ruble could not. This multi-currency reality was a direct result of the region's political isolation, which prevented it from accessing international financial markets or having a central bank capable of ensuring monetary stability.

The year 2020 intensified these existing pressures due to the COVID-19 pandemic. Border restrictions and reduced trade disrupted the flow of goods and remittances, a critical source of foreign currency from the diaspora. While the Transnistrian ruble experienced controlled devaluation by the local "central bank," the pandemic highlighted the fragility of an economic model dependent on external currencies and the patronage of its primary political and economic supporter, Russia, which provides crucial budgetary aid and gas subsidies to sustain the region's economy.