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Last Updated on 02/19/2025

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The Bank of Russia
&
Russian Bullion

The Bank of Russia is known officially as the Central Bank of the Russian Federation it has exclusive rights to issue Russian ruble banknotes, as well as circulated, commemorative coins, and investment-grade precious metal bullion coins.

Early History of the Russian Central Bank

The Bank of Russia has undergone several name changes and alterations due to the changes in Russian governments.

Flag of the Russian Empire
(used from 1914-1917)

The first central bank in Russia was named the State Bank of the Russian Empire it was the dominant financial institution of the Russian Empire (1721-1917) from the bank's founding in 1860 until the Empire's end in 1917.

On 7 November 1917, the first day of the October Revolution, an armed detachment under direct orders from Lenin occupied the State Bank's head office. In December and January, all Russia's commercial banks were nationalized and forcibly merged into the State Bank with their shareholders wiped out; the State Bank was renamed the People's Bank in May 1918.

The People Bank's was in turn liquidated in January 1920. There were no banks formally recognized in the country until the second central bank of Russia was created and called the State Bank of the USSR commonly referred to as Gosbank in October 1921.

The End of the Soviet Union (USSR)
and it's State Bank

The State Bank of the USSR, was founded in 1921 and ended in 1991, after the USSR ceased to exist.

Before the breakup of the USSR, the State Bank of the USSR was accountable only to the Supreme Soviet of the the Russian SFSR (Soviet Federative Socialist Republic - the largest republic in the former Soviet Union).   The "Supreme Soviet" was a permanent legislative body of the Soviet Union; each republic of the USSR also had its own Supreme Soviet.

In the late 80s and early 90s the USSR (Union of Soviet Socialist Republics) was going through a power struggle, from the moment Mikhail Gorbachev became President of Russia (March 11, 1985) he sought reform because the USSR was struggling under communist social and economic restraints.  Gorbachev named his reforms: "Perestroika."

(click to enlarge)

Gorbachev's efforts to reach out to the United States and the United Kingdom to try to end the Cold War were popular internationally, but at home his popularity was waning.  He tried to decentralized the economy while the government kept a firm hold over its citizenry by keeping the communist system, much like China is today, but Gorbachev had too many detractors for his plans to workout.

The weaknesses of the Soviet Union began to show when in 1989, Gorbachev declined to intervene militarily when Warsaw Pact countries, including East Germany, started to abandoned the USSR and breaking away from communism and marxism.

In June 1990 the Congress of the Russian republic proclaimed that the Russian Federation (Russia's largest republic) laws took precedence over Soviet laws, and the following year Boris Yeltsin became the Russian Federation's first democratically elected president.  

An abortive coup in August 1991 by hard-liners opposed to Gorbachev’s reforms led to the collapse of most Soviet government organizations, the abolition of the Communist Party’s leading role in government, and the dissolution of the party itself.  Many republics declared independence in the following days and months following the failed coup. The secession of the Baltic states was recognized in September 1991 (Estonia, Latvia, and Lithuania).

The State Bank of the USSR was dissolved on December 20, 1991.  All its assets, liabilities, and property were transferred to the Central Bank of the Russian Federation (Bank of Russia).

December 26, 1991 - New York Times Front Page

On 24 December, the Russian Federation took the Soviet Union's seat in the United Nations.

On December 25, 1991, Gorbachev resigned the presidency of Soviet Union and turned over his presidential powers, including control of the nuclear launch codes to Boris Yeltsin, who was now the first president of the Russian Federation.   (Vladimir Putin would succeed him on December 31, 1999 after Yeltsin unexpectedly resigned.)

On December 26, 1991, the Soviet Union was formally dissolved and the Russian Federation was established as an independent country.

Central Bank of the Russian Federation

The Bank of Russia is the central bank of the Russian Federation.

Shortly after declaring sovereignty in June 1990, the Russian Federation  decreed the creation of a central bank under the leadership of Georgy Matiukhin.

Matiukhin commandeered Russian branches of the State Bank of the USSR and brought them under the control of the Bank of the Russia. A remnant of the State Bank continued to operate alongside it until it was dissolved along with the Soviet Union in December 1991, and the Bank of Russia assumed its remaining business.

The disbandment of the State Bank of the USSR was followed by changes in the chart of accounts, the establishment of a network of Central Bank cash settlement centers to establish and to set-up the official exchange rates of foreign currencies against the ruble, the new Central Bank of Russia began to buy and sell foreign currency in the market.

Bank of Russia

The Bank of Russia functions are written in the Constitution of the Russian Federation "Article 75."

Since 1992, the Bank of Russia began to buy and sell foreign currency on the foreign exchange market created by it, establish and publish the official exchange rates of foreign currencies against the ruble.

According to the constitution, the Bank of Russia is an independently run entity, with the primary responsibility of protecting the stability of the national currency, the ruble.

The Bank of Russia is responsible for issuing Russian ruble banknotes, commemorative coins, and investment-grade precious metal bullion coins, and it does it through the Goznak.

Goznak

Gonzak is a Joint Stock Company in Russia, and it is the name of the institution in Russia that is in charge of producing all of the countries banknotes, medals, coins and stamps; it also provides its services to many international clients.

Goznak is Russian for "State Ensign or Insignia," it was established in 1818, upon the order of Alexander I, it manufactured the first postage stamp and unique book editions, as well as minted numerous commemorative coins and medals.

Goznak includes 8 branches: 2 Mints, 2 Printing Factories, 2 Paper Mills, Printing House and R&D Institute.

• Saint Petersburg Mint
• Moscow Mint
• Perm Printing Factory
• Moscow Printing Factory
• Saint Petersburg Paper Mill
• Krasnokamsk Paper Mill
• Moscow Printing Works 
• Research Institute of Goznak (in Moscow)

Russian Mints

Saint Petersburg Mint  (formerly Leningrad Mint)

The city of Saint Petersburg and its Mint had its name changed to Leningrad after Vladimir Lenin's death, and changed back to Saint Petersburg in 1991 shortly after the fall of the Soviet Union. 

Saint Petersburg Mint is one of the world's largest mints. 

The Saint Petersburg mint is one of the oldest enterprises in St. Petersburg, it was founded by Peter the Great in 1724 on the territory of Peter and Paul Fortress.

Saint Petersburg Mint
Hallmark/ID-mark

Designed by A. Porto in strict classical Russian style, the main building of the Mint was constructed 1800-1805 in the eastern fortifications and was complemented in the 1830s and 1840s with the construction of workshops and a surrounding stone wall.

The Saint Petersburg Mint has the hallmark/id-mark using these Russian letters СПМД.

Saint Petersburg Mint photo provided by interfase.

Moscow Mint

The Moscow Mint is engaged in the manufacturing of coins, medals and decorations. The history of coinage in Moscow dates back several centuries, but the date of the founding of the modern enterprise is considered to be 25 April 1942.

It also takes orders for minting coins for foreign countries. For example, the Moscow Mint produced the coins for Abkhazia, the Abkhazian apsar and many of the coins of India. The mint fills individual orders for the manufacture of badges, medals and tokens.

Bullion Coins

Chevronet

dates

Ballerina

Bullion Coins from Russia's past

St. George the Victorious

St. George the Victorious
Gold Russian Bullion Coins

2006 - Present

Saint George the Victorious - Russian Gold Bullion Coin

St. George the Victorious
Silver Russian Bullion Coins

2009 - Present

Saint George the Victorious - Russian Silver Bullion Coin

Sources:

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