The Karlevi Runestone, designated as Öl 1 by Rundata, is commonly dated to the late 10th century. It is one of the most notable and prominent runestones and constitutes the oldest record of a stanza of skaldic verse.

The runic inscription on the Karlevi Runestone is partly in prose, partly in verse. It is the only example of a complete scaldic stanza preserved on a runestone and is composed in the "lordly meter" the dróttkvætt. It is notable for mentioning Thor's daughter Þrúðr and Viðurr, one of the names for Odin, in kennings for "chieftain." In the second half of the stanza a reference is made to Denmark, but it is not clear what exactly this means in this poetic context.

The stone is contemporary with the Battle of the Fýrisvellir and it is consequently possible that the stone was raised by warriors who partook in it, in memory of their lord. The inscription, which is on a granite stone that is 1.4 meters in height, is classified as being in runestone style RAK. This is the classification with inscriptions with runic text in bands that have no attached dragon or serpent heads and the ends of the runic bands are straight. The non-runic inscription on the reverse side appears to be accompanied by a small Christian cross and a Norse pagan Thor's hammer, or Mjöllnir.

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Derbent is the southernmost city in Russia, occupying the narrow gateway between the Caspian Sea and the Caucasus Mountains connecting the Eurasian steppes to the north and the Iranian Plateau to the south. Derbent claims to be the oldest city in Russia with historical documentation dating to the 8th century BCE. Due to its strategic location, over the course of history, the city changed ownership many times, particularly among the Persian, Arab, Mongol, Timurid, Shirvan and Iranian kingdoms.

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In 2003, UNESCO included the old part of Derbent with traditional buildings in the World Heritage List.