Ukrainian region adopts the Russian ruble as the official currency

The authorities in the Ukrainian region of Kherson, under Russian control, announced on Monday the adoption of the ruble as an official currency along with the Ukrainian hryvnia.

The region's capital, Kherson, was the first major city to fall to Russian forces after Moscow launched its military invasion of Ukraine on February 24.

"Today a decree will be issued formalizing the adoption of two currencies in the Kherson region," the head of the regional administration, loyal to Moscow, Vladimir Saldo, said in a video address.

"The exchange rate of the Russian ruble will be twice that of the hryvnia, two Russian rubles for one hryvnia," he explained.

"This means that all traders have the right - and later will be forced to do so - to quote prices in two currencies, the hryvnia and the Russian ruble," he added.

He noted that in the next few days, a Russian bank will open a branch in Kherson and will provide accounts for companies.

Russian officials and designated authorities from Moscow have said that the Kherson region in southern Ukraine, which provides a land bridge to Crimea, is likely, they think, to become part of Russia.

And in many Ukrainian cities, including Kherson, Mariupol and Berdyansk, Moscow has appointed local administrations tasked with "returning life to normal" and laying the foundations for a future with Russia.

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