Crimea officially adopts the Russian ruble.

The Russian ruble became the national currency of Crimea shortly after the peninsula was annexed by Russia on March 21.

On June 1st, Crimea officially switched to using the Russian ruble. All dual-rate signs will no longer be displayed in shops, and all cash payments and bank transactions will be converted to rubles. The Ukrainian hryvnia will be listed as a foreign currency there.

The Russian ruble became the official currency of Crimea immediately after the peninsula's annexation by Russia on March 21. All banking transactions there were converted to rubles on May 6. However, the hryvnia remained usable for payments everywhere until June 1.

On March 27, Russian President Vladimir Putin signed a document aimed at restricting the use of the hryvnia in circulation in Crimea and making the ruble the sole official currency for all payments by individuals and organizations in Crimea and the city of Sevastopol.

By this time, all banks in Crimea had switched to trading in rubles, according to the official exchange rate of the Central Bank of Russia.

The period of parallel circulation of the two currencies in Crimea has been reduced by 18 months. Initially, Russia planned for the hryvnia to be used alongside the ruble until January 1, 2016.

The Russian central bank issued a reminder to residents of Crimea and Sevastopol through commercial banks: “All price lists denominated in rubles and hryvnia will be removed after June 1st. All payments in shops must be made only in rubles; payments for rent, taxes, and savings should also be made in rubles.”

According to VOV