Which institution is the central bank of Russia and issues the Russian ruble?

The Central Bank of Russia is Russia’s central bank and the institution responsible for issuing the Russian ruble.

Officially called the Bank of Russia, it conducts monetary policy, regulates and supervises credit institutions, manages international reserves, and supports the stability of the Russian financial system. It is headquartered in Moscow and has constitutional responsibilities distinct from those of the federal government.

The modern Bank of Russia was created in 1990 during the final period of the Soviet Union, and its status was reshaped after the Russian Federation was established. The Constitution of Russia gives it a special legal position and identifies protection of the ruble’s stability as a primary function.

It is often confused with Sberbank, Russia’s largest retail bank. Sberbank is a commercial institution; the Bank of Russia is the monetary authority and regulator.