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Luhansk 'Likely' to Swap Hryvnia for Ruble as Republic's Currency

© Sputnik / Iliya Pitalev / Go to the mediabankRussian ruble banknotes of different denominations
Russian ruble banknotes of different denominations - Sputnik International
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Luhansk People’s Republic (LPR) leader Igor Plotnitsky said that most residents of LPR prefer to switch to the ruble.

The authorities of the self-proclaimed Donetsk People's Republic (DPR) are considering introducing a currency to replace the hryvnia on its territory - Sputnik International
Luhansk, Donetsk Moving Away From Failing Ukrainian Hryvnia
LUHANSK (Sputnik) – The eastern Ukrainian self-proclaimed Luhansk People’s Republic will “most likely” switch currency from hryvnias to rubles, LPR head Igor Plotnitsky said Friday.

“You’ve already heard that we’ve announced the creation of a multi-currency system. Pretty soon the [Ukrainian] hrynia, [Russian] ruble, and the [US] dollar will be circulated freely, the people will decide what’s best…Monitoring shows that most residents of our republic prefer to switch to the ruble, and most likely, that’s what will happen,” Plotnitsky said.

Last week, the LPR leader announced that the republic is switching to a multi-currency financial system due to the hryvnia’s sharp devaluation and Kiev’s continued economic blockade of the east Ukrainian region.

The authorities of the self-proclaimed Donetsk People's Republic (DPR) are considering introducing a currency to replace the hryvnia on its territory. - Sputnik International
DPR Considering Its Own Currency Instead of Hryvnia: Council of Ministers
Plotnitsky had added in last week's announcement that the LPR would keep the hryvnia as the basic currency in the short term but might switch to settlements in rubles in the long run.

There has been a major increase in devaluation rates of the hryvnia since the start of armed clashes between Kiev and the self-proclaimed Donetsk and Luhansk regions in eastern Ukraine.

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