10 Rubles – Russian Federation

Following the onset of extensive international sanctions in February 2022, the Russian financial system faced an immediate and severe currency crisis. The ruble plummeted to historic lows, losing nearly half its value against the U.S. dollar as capital fled and trade was disrupted. In response, the Central Bank of Russia (CBR) enacted drastic emergency measures: sharply raising the key interest rate to 20%, imposing strict capital controls to prevent the outflow of foreign currency, and mandating that exporters convert 80% of their foreign exchange earnings into rubles. These aggressive actions, combined with a collapse in imports due to sanctions, artificially created a shortage of foreign currency within Russia and stabilized the ruble's fall.

By mid-2022, the situation had dramatically reversed, with the ruble becoming one of the world's best-performing currencies. This "recovery" was largely artificial and driven by policy rather than economic health. The mandatory conversion of export revenues, alongside soaring global prices for Russia's key commodities—oil and gas—ensured a continued influx of foreign currency even as imports collapsed. With Western markets largely closed, Russia's current account surplus swelled to record levels. However, this strong ruble posed new problems, hurting budget revenues (which are based on dollar-denominated energy sales) and making non-commodity exports less competitive, thereby exacerbating the domestic economic downturn.

The long-term structural consequences for the Russian currency are profound. To sustain stability, the state has effectively prioritized financial defense over economic growth, maintaining capital controls and heavily managing the exchange rate. The currency's international role has diminished, with the "de-dollarization" of trade accelerating through settlements in rubles, Chinese yuan, and other currencies. Ultimately, while the ruble's extreme volatility was contained, it exists within a smaller, more isolated economy, with its value increasingly dictated by administrative measures and the fluctuating price of a narrowing range of commodity exports, rather than by broad market confidence or diversified economic fundamentals.