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Ukraine hit the Russian ruble

Ukraine

The National Bank of Ukraine prohibits Ukrainian banks from accepting Russian rubles

Ukraine hit the Russian ruble

The decision of the NBU is related to bringing the legal acts of the central bank in line with the legislation, in particular with Law 1618-IX, which prohibits “accepting deposits on the territory of Ukraine or providing loans in the currency of the occupier”.

The law applies to the Russian ruble, because Russia has been occupying Crimea, which belongs to Ukraine, for seven years.

This is not the first restriction on the use of the Russian currency on the territory of Ukraine.

In October 2017, the NBU banned banks from accepting cash, including currency exchange, operations with banknotes and coins of the Central Bank of the Russian Federation depicting symbols, buildings, archeological, architectural, and historical monuments located on the territory of Ukraine. occupied by Russia or contain texts concerning the occupation.

Both prohibitions also apply to transactions involving the purchase and sale of foreign currency between banks.

According to experts, the NBU's decision means that the Russian ruble will have the status of a second-class currency in Ukraine.

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