3 Rubles (National Research Centre Kurchatov Institute) – Russian Federation
Non-circulating coins
Commemoration: 80th Anniversary of the National Research Centre Kurchatov Institute
Russia
Context
Year: 2023
Country: Russia 
Issuer: Russian Federation
Period:
(since 1991)
Currency:
(since 1998)
Total mintage: 5,000
Material
References
Value
Exchange value: 3 RUB
Bullion value: $88.37
Inflation-adjusted value: 4.41 RUB
Obverse
Description:
The obverse features the Russian coat of arms, inscriptions for "Russian Federation" and "Bank of Russia," the denomination "3 Roubles," the issue year "2023," the metal's chemical symbol, fineness, mint mark, and fine metal content.
Inscription:
РОССИЙСКАЯ ФЕДЕРАЦИЯ
Ag 925 31,1
СПМД
БАНК РОССИИ
3 РУБЛЯ
2023 г.
Ag 925 31,1
СПМД
БАНК РОССИИ
3 РУБЛЯ
2023 г.
Translation:
RUSSIAN FEDERATION
Ag 925 31.1
SPMD
BANK OF RUSSIA
3 ROUBLES
2023
Ag 925 31.1
SPMD
BANK OF RUSSIA
3 ROUBLES
2023
Script: Cyrillic
Language: Russian
Engraver: Alexandra Arsenyevna Dolgopolova
Designer: Elena Viktorovna Kramskaya
Reverse
Description:
The reverse features relief portraits of A.P. Alexandrov and I.V. Kurchatov, their Hammer and Sickle medals, an atom symbol, and the coloured Kurchatov Institute emblem. Inscriptions around the edge name the academicians and mark "80 ЛЕТ НИЦ ‘КУРЧАТОВСКИЙ ИНСТИТУТ’".
Inscription:
А.П. АЛЕКСАНДРОВ
И.В. КУРЧАТОВ
80 ЛЕТ НИЦ ‘КУРЧАТОВСКИЙ ИНСТИТУТ
И.В. КУРЧАТОВ
80 ЛЕТ НИЦ ‘КУРЧАТОВСКИЙ ИНСТИТУТ
Translation:
A.P. ALEXANDROV
I.V. KURCHATOV
80 YEARS NRC ‘KURCHATOV INSTITUTE’
I.V. KURCHATOV
80 YEARS NRC ‘KURCHATOV INSTITUTE’
Script: Cyrillic
Language: Russian
Engraver: Alexander Nikolaevich Bessonov
Designer: Anton Dmitrievich Schablykin
Edge
300 corrugations
Mints
| Name | Mark |
|---|---|
| Saint Petersburg | (СПМД) |
Mintings
| Year | Mint Mark | Mintage | Quality | Collection |
|---|---|---|---|---|
| 2023 | СПМД | 5,000 | Proof |
Historical background
In 2023, the Russian currency, the ruble, experienced significant volatility and a pronounced depreciation against major world currencies, marking one of its weakest periods in over a year. After initial resilience in 2022 due to capital controls and high energy revenues, the ruble's value deteriorated sharply from around 70 to the US dollar in January to briefly exceeding 100 in August. This decline was primarily driven by a substantial reduction in Russia's current account surplus, as sanctions redirected oil exports and lowered prices, while imports recovered, increasing demand for foreign currency. Domestic factors, including increased government defense spending, a tight labor market fueling inflation, and a rise in capital outflows, further pressured the currency.
The Russian government and Central Bank responded with a series of aggressive policy measures to stabilize the situation. In July, the Bank of Russia raised its key interest rate by 100 basis points, and by August's emergency 350-basis-point hike to 12%, it signaled a strong shift towards prioritizing currency and price stability. Authorities also reintroduced some informal capital controls, pressuring major exporters to sell foreign exchange earnings, and discussed reinstating mandatory sales of hard currency revenue. These actions, combined with higher global oil prices in the latter part of the year, helped the ruble recover to the 90-95 range against the dollar by December, though it remained markedly weaker than at the start of the year.
The currency turmoil of 2023 underscored the profound and ongoing structural challenges to Russia's financial stability imposed by the war in Ukraine and international sanctions. The episode highlighted the economy's continued dependence on hydrocarbon revenues and its vulnerability to shifts in trade patterns, as well as the inflationary pressures of military-focused fiscal policy. While the immediate crisis was contained, the ruble's trajectory reflected a managed but persistent devaluation within a shrinking and increasingly isolated economic framework, setting a precedent of higher interest rates and controlled capital flows as the new normal for Russia's financial system.
The Russian government and Central Bank responded with a series of aggressive policy measures to stabilize the situation. In July, the Bank of Russia raised its key interest rate by 100 basis points, and by August's emergency 350-basis-point hike to 12%, it signaled a strong shift towards prioritizing currency and price stability. Authorities also reintroduced some informal capital controls, pressuring major exporters to sell foreign exchange earnings, and discussed reinstating mandatory sales of hard currency revenue. These actions, combined with higher global oil prices in the latter part of the year, helped the ruble recover to the 90-95 range against the dollar by December, though it remained markedly weaker than at the start of the year.
The currency turmoil of 2023 underscored the profound and ongoing structural challenges to Russia's financial stability imposed by the war in Ukraine and international sanctions. The episode highlighted the economy's continued dependence on hydrocarbon revenues and its vulnerability to shifts in trade patterns, as well as the inflationary pressures of military-focused fiscal policy. While the immediate crisis was contained, the ruble's trajectory reflected a managed but persistent devaluation within a shrinking and increasingly isolated economic framework, setting a precedent of higher interest rates and controlled capital flows as the new normal for Russia's financial system.
✨ Legendary