The Russian ruble or rouble is the official currency of the Russian Federation. The ruble is subdivided into 100 kopeks. The first Russian ruble replaced the Soviet ruble in September 1993 at parity or 1 SUR = 1 RUR. In 1998, preceding the financial crisis, the current ruble was redenominated with the new code "RUB" and was exchanged at the rate of 1 RUB = 1,000 RUR.