Crimea officially uses Russian Ruble

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

On June 1, Crimea officially switched to the Russian ruble. All double-price signs will disappear from shops and all cash payments and bank transactions will be converted to rubles. The Ukrainian hryvnia will be added to the list of foreign currencies here.

The Russian ruble became the local currency of Crimea shortly after the peninsula was annexed by Russia on March 21. All banking transactions there were switched to rubles from May 6. However, the hryvnia can still be used for payments everywhere until June 1.

On March 27, Russian President Vladimir Putin signed a document with the aim of restricting the use of hryvnia in circulation in Crimea and making the ruble the sole official currency in all payment activities of individuals and organizations in Crimea and the city of Sevastopol.

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

The period of parallel circulation of 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 has issued a notice reminding residents of Crimea and Sevastopol through commercial banks: “All price lists in rubles and hryvnia will be removed after June 1. All payments in stores must be made only in rubles; payments for housing, taxes and savings should also be made in rubles”./.

According to vov