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The demise of monetary unions: Soviet Union 1992

The post-Soviet rouble zone was a short-lived affair, as a lack of monetary sophistication allowed a parallel system of IOUs to proliferate across the former USSR

The collapse of the USSR in 1991, aside from its wrenching political and social impact, also shattered what had been the largest monetary union in history.

Following the dissolution of the political union, Russia and the other new republics agreed to maintain a unified rural area to preserve trade flows within the former USSR.

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