5 Rubley

The Emissionniy Bank in Kiev was a German occupation institution, established following the Wehrmacht's capture of the city in September 1941. These notes were introduced as part of the broader Reichskommissariat Ukraine monetary apparatus — instruments of economic control rather than ordinary banking instruments. The occupation authorities were deliberate about maintaining a functioning currency to suppress barter and extract resources from the occupied population.

Pick 44 belongs to a series printed for Ukrainian territory specifically, distinct from the Reichskreditkassen notes used in other occupied zones. Survivors tend to show light use; the occupation collapsed faster than the currency infrastructure could be wound down.