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Crimean Ministry of Finance to consider entering ruble zone

The ruble and the hryvnia

Source : Vestnik Kavkaza / 11 Mar 2014

The Ministry of Finance of Crimea should submit by tomorrow proposals for the transition of the republic from the Ukrainian hryvnia to the Russian ruble if Crimeans vote for entry into the Russian Federation in the March 16 referendum, the Prime Minister of the autonomy Sergey Aksenov said.

"Our Ministry of Finance is dealing with this issue now. On Tuesday, March 11, they must present their proposals: what the procedure will be and how long it will take. It will soon be clear what could turn out from our developments, over which a large group of professionals is working," RIA Novosti quotes the Crimean prime minister.

The interim period, when the ruble and the hryvnia will have the same circulation in the territory of Crimea, could last three to six months in the case of accession of the region to Russia, says the chairman of the Supreme Council of Crimea Vladimir Konstantinov .

"I think the circulation of two currencies is a necessary transitory measure. We will define a sufficient period, so that people do not have any problems. Three months if needed, or six months if needed," says Konstantinov.

Konstantinov notes that Sevastopol could get special status within the Crimea region in the case of entry into the Russian Federation. " We will be one territory. This is a city with special status as a part of Crimea," he says. According to him, a majority of the local population stands for Crimea joining Russia. "More than 80% are for Crimea joining the Russian Federation. This is the result of a yesterday's focus group," says Konstantinov, claiming that attendance at the referendum will be high. "The attendance will be very high. This situation has stirred up everyone; this is not the election of deputies but the choice of one's fate," he says.

Recall that the referendum on the status of Crimea is scheduled for March 16.


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