Russian ruble can now be used as legal tender in Crimea

Starting today, the Russian ruble can now be used for purchases and settlements in Crimea.

Starting today, the Russian ruble can now be used for purchases and settlements in Crimea.

Officials in Crimea say payments can now be made in Russian rubles and Ukrainian hryvna. Transition to the use of the ruble will be smooth, but quick, the authorities say.

Chairman of the Bank of Crimea Nikolai Barilyuk said the two currencies will be in use until January 1 of 2016. "The monetary system will be working both in rubles and the Ukrainian hryvna," he said.

The ruble will be the main currency in the republic, Barilyuk said. Wages, pensions, and stipends will be paid in rubles, and the Russian currency will gradually replace the Ukrainian currency, he said.

The country's authorities pledge that there will not be any currency speculation and that the exchange rate will remain as is.

Moscow will soon be providing Crimea with monetary aid in the amount of one billion rubles to keep he financial situation steady.

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