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Luhansk republic can start making social payments, salaries in Russian rubles

March 06, 2015, 16:38 UTC+3 LUGANSK

There is an unannounced default in Ukraine after hryvnia plunge, the self-proclaimed republic authorities say

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Local residents in the city of Alchevsk, Luhansk region

Local residents in the city of Alchevsk, Luhansk region

© Stanislav Krasilnikov/TASS

LUHANSK, March 6. /TASS/. The authorities of the self-proclaimed Luhansk People’s Republic (LPR) are considering a possibility of making social payments, including salaries and pensions, in rubles after prices stabilize, LPR head Igor Plotnitsky said on Friday.

"Ukrainian currency is in use. We will have both ruble and hryvnia in use. The people themselves will decide what is better. The majority of LPR residents want to use only rubles," Plotnitsky said.

"The hryvnia plunged in one night. There is an unannounced default in Ukraine. LPR residents are ready to use the ruble," he added.

However, growth in prices is expected in LPR in the nearest future due to the unstable economic situation, Plotnitsky said.

"The market will show what prices are appropriate. So, we expect a growth in prices, but later everything will go back to normal. Then, salaries and pension will be paid in rubles. Only rubles will be used in stores," he added.

At the end of February, LPR adopted a multi-currency financial system due to hryvnia’s plunge and continuing economic blockade of Donbas by Kiev.

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