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Hryvnia to be fully withdrawn from circulation in Crimea

The financial institutions of Crimea and Sevastopol will be subordinate to Russia’s Central Bank, the Speaker said.

Source : Voice of Russia / 13 May 2014

The hryvnia will be fully withdrawn from circulation in Crimea and Sevastopol as of June 1, 2014, Russian State Duma Speaker Sergei Naryshkin told reporters.

The State Duma will meet on May 14 to debate changes to the federal law on the integration of the Republic of Crimea and the city of Sevastopol as separate federal entities.

"The changes suggest shortening the period during which the hryvnia will remain in circulation in Crimea until June 1, 2014," he said.

The financial institutions of Crimea and Sevastopol will be subordinate to Russia’s Central Bank, the Speaker said.

 

 

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