Oil-rich Russia makes rouble convertible

For years it was the changeable currency of defaults, declines and dodgy wheeler-dealing. But the Russian rouble, riding high on Moscow’s burgeoning status as an energy superpower, becomes fully convertible from tomorrow as the petrodollar giant unleashes on the world a currency to match its growing economic clout.

The move, which will take practical effect when markets open on Monday, follows a series of measures and statements by the Kremlin that show its desire for the currency’s renewed international status.
The central bank has recently launched a campaign to find a new “catchy” symbol for the rouble, with initial polling suggesting that a Latin “R” with two Euro-esque horizontal lines across the upper-left vertical line is a favourite. A 5,000 rouble (