Crimea Switches Over to Russian Rouble

Photo by EPA/BGNES

Crimea is switching over to the Russian rouble (ruble, RUB) as of June 1.

On May 27, Russian President Vladimir Putin signed a decree which reduced the transition period for the circulation of the hryvnia (UAH) in Crimea and Sevastopol by June 1, 2014, thereby making the rouble the only legitimate currency according to reports of ITAR-TASS.

Initially, after the annexation of the region by Russia, the hryvnia was supposed to circulate alongside with the rouble until January 1, 2016.

All non-cash transactions carried out on the Black Sea peninsula have been made in roubles since May 6.

As of Sunday, all double price tags in shops will disappear and cash payments and noncash settlements will be made in roubles.

The Ukrainian hryvnia will have the status of a foreign currency.

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