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Russia passes law to stop hryvnia circulation in Crimea by June 1

May 21, 2014, 13:51 UTC+3 MOSCOW
After June 1, the Ukrainian hryvnia will have the status of a foreign currency
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© ITAR-TASS/Anton Novoderezhkin

MOSCOW, May 21. /ITAR-TASS/. The Federation Council has approved a law on Wednesday to limit the term of the Ukrainian hryvnia circulation in Crimea and Sevastopol, former Ukrainian territories that have become part of Russia, by June 1, 2014.

The same document stipulates that elections in Crimea and Sevastopol as Russia’s new constituent entities will be held on Russia’s Single Vote Day, September 14.

The current basic law on admitting Crimea and Sevastopol into Russia and forming two new Russian constituent members allowed for the simultaneous circulation of the Ukrainian hryvnia and the Russian ruble on these territories until January 1, 2016.

A decision, however, was made to reduce this term to June 1, 2014. After this date, the Ukrainian hryvnia will have the status of a foreign currency.

Before June 1, 2014, hryvnias will be exchanged for Russian rubles at the official exchange rate set by the Central Bank of Russia.

The same rule applies to payments of taxes, customs and other duties, payments to government extra-budgetary funds, payments of wages and salaries at budget-financed organizations and social benefit and other payments made in hryvnias.

After June 1, 2014, hryvnias will be exchanged for Russian rubles at the exchange rate set by credit institutions operating in Crimea and Sevastopol.

The law approved on Wednesday also reduces by one year the term of holding elections to the State Council (parliament) of the Republic of Crimea and the legislature of Sevastopol.

Under the document, the elections will be transferred from the second Sunday of September 2015 to the second Sunday of 2014 and will therefore be held on September 14, 2014.

The head of the Republic of Crimea and the governor of Sevastopol should be elected by the deputies of the local legislatures of the new convocation no later than December 2014.

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