Russian President Vladimir Putin has signed into law a bill that limits the term of the Ukrainian hryvnia circulation in Crimea by June 1, 2014, ITAR-TASS reports.

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.

The law also reduces by one year the date 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.