Moscow approved reducing hryvnia circulation in Crimea until June 1

14 May 2014 11:57

The State Duma approved amendment to federal law “on the integration of the Republic of Crimea and the city of Sevastopol as separate federal entities”, shortening the period of circulation of Ukrainian hryvnia on the territory of Crimea until June 1, 2014.

That means that starting with June 1 Ukrainian hryvnia becomes foreign currency in Crimea, the region that used to be Ukraine's Autonomous Republic till March 16.

Earlier Moscow assured dual currency circulation of the Russian ruble and the Ukrainian hryvnia may be introduced in Crimea through January 1, 2016.

Crimea was annexed by Russian federation following March 16 referendum on region’s status.