Ukraine to ban the Russian ruble and may ban the Belarusian one

05 May 2022, 14:00 | Economy
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The Verkhovna Rada has registered 3 draft laws on the prohibition of the circulation of the Russian ruble on the territory of Ukraine and for cross-border transfers and movements, according to "

Bill No. 7334 proposes for the period of martial law:.

prohibit the use of the Russian ruble within Ukraine and for cross-border transfers and movements;

forcibly deposit assets denominated in Russian rubles until the end of martial law without accruing any interest, commissions, etc.. Escrow does not stop ownership of such assets, but temporarily limits it;

withdraw from civil circulation assets denominated in Russian rubles owned by residents of the Russian Federation or residents of Ukraine under the control of residents of the Russian Federation. The withdrawal of rubles from civil circulation differs from their confiscation in that it is carried out according to the law ipso jure and does not require a court decision. In addition, as a result of the confiscation of the currency, only the owner changes, which does not affect the decrease in its liquidity, and as a result of the withdrawal from civil circulation, the liquidity of the ruble within Ukraine becomes zero, and in some cases negative, for example, when evaluating an IPO (the first public sale.

at the request of the Cabinet of Ministers, grant the NBU the right to extend these restrictions to the currencies of other countries that contribute to the aggression of the Russian Federation against Ukraine, in particular Belarus;

prohibit admission to trading in financial instruments denominated (denominated) in Russian rubles, in particular, but not exclusively, as instruments of the stock, money and commodity markets;

to prohibit the establishment of the exchange rate (cross-rate) of the Russian ruble, except for cases of establishing the amount of reparations of the Russian Federation in favor of Ukraine;

make appropriate changes to \;

criminalize illegal actions with Russian rubles deposited or withdrawn from civil circulation.

Draft Law No. 7335 proposes to make the following changes to the Customs Code of Ukraine:.

determine the procedure for the withdrawal and disposal of foreign currency (payment documents) withdrawn from civil circulation in accordance with the legislation in the event of their cross-border movements across the customs border of Ukraine;

establish a special procedure for conducting procedural actions in case of such withdrawal, as well as the procedure for appealing against them.



The main goal of this bill is to simplify the procedure for the withdrawal of foreign currency withdrawn from civil circulation in Ukraine (including the currency of the aggressor (occupier) state, which moves across the customs border of Ukraine).

Bill No. 7336 proposes:.

st. 1551 of the Code of Administrative Offenses, add part four regarding the introduction of strict sanctions for violation of the statutory procedure for handling foreign currency deposited or withdrawn from civil circulation on the territory of Ukraine, and/or payment instruments (debt obligations) denominated in it.




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