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Russian ruble goes into official circulation in Crimea as of Monday

March 24, 2014, 2:20 UTC+3 MOSCOW
Parallel circulation of the hryvnia is permitted through January 1, 2016
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© ITAR-TASS Archive/Alexandra Mudrats

MOSCOW, March 24. /ITAR-TASS/. Russian ruble begins official circulation in Crimea as of Monday. Its introduction embraces all the financial transactions and all types of payments if at least one of the parties to them is a resident of Russia.

Infographics The Republic of Crimea and Sevastopol as constituent  entities in the Russian Federation The Republic of Crimea and Sevastopol as constituent entities in the Russian Federation
The Republic of Crimea and Sevastopol as constituent entities in the Russian Federation. Infographics ITAR-TASS
As Itar-Tass reported earlier, some tertiary industry outlets in Simferopol, including hotels and restaurants, started accepting rubles without awaiting March 24. Price tags showing prices in rubles and Ukrainian hryvnias have appeared in department stores, but so far they mostly cover the commodities the price of which exceeds 1,000 hryvnias.

Under the Law of the Russian Federation on Reunification of Crimea with Russia, the Russian ruble becomes the monetary unit in the Republic of Crime and the city of Sevastopol.

Parallel circulation of the hryvnia there is permitted through January 1, 2016. Bank and cash payments are admitted.

As of March 24, 2014, taxes and fees in Crimea and Sevastopol will be paid in rubles only, and wages to the workers of budget-receiving organizations will also be made in rubles.

The same regulation applies to any other payments where one of the parties is a resident of Russia.

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