Liquidity of the ruble within Ukraine will be zero, and in some cases – negative.
The Verkhovna Rada has registered 3 bills banning the circulation of the Russian ruble in Ukraine and for cross-border transfers and transfers, according to “Yuridichnaya Gazeta”.
period of martial law:
- prohibit any 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. The deposit does not suspend the ownership of such assets, but temporarily limits it;
- withdraw from civil circulation assets denominated in Russian rubles, which are owned by residents of or residents of Ukraine who are under the control of residents of. Withdrawal of rubles from civil circulation differs from their confiscation in that it is carried out under ipso jure law and does not require a court decision. In addition, confiscation of currency changes only the owner, which does not reduce its liquidity, but on civil turnover – liquidity of the ruble within Ukraine becomes zero, and in some cases – negative , (for example, when assessing the IPO (the first public sale of shares or other securities of a private company, – ed.) ;
- at the request of the Cabinet of Ministers to grant the NBU the right to apply these restrictions to the currencies of other countries that contribute to Russia's aggression against Ukraine, in particular Belarus ;
- to 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;
- prohibit the establishment of the exchange rate (cross-rate) of the Russian ruble , except in cases of establishing the amount of reparations in favor of Ukraine; li>
- make appropriate amendments to the “On currency and currency transactions”, “On payment systems and funds transfer in Ukraine”, “On capital markets and organized commodity markets” and the Civil Code of Ukraine;
- criminalize illegal actions with deposited or withdrawn from civil circulation in Russian rubles .
Bill №7335 proposes to make the following changes to the Customs Code of Ukraine:
- to determine the procedure for seizure and utilization of foreign currency (payment documents) withdrawn in accordance with the legislation on civil circulation in case of their cross-border movements across the customs border of Ukraine;
- establish a special procedure for such actions during such seizure , as well as the procedure for appealing them.
The main purpose of this bill is to simplify the procedure for withdrawal of foreign currency withdrawn from civil circulation in Ukraine (including currency of the state – the aggressor (occupier), which moves across the customs border of Ukraine.
Bill №7336 proposes:
- Article 1551 of the Code of Administrative Offenses to add part four on the introduction of severe sanctions for violation of the statutory procedure for handling foreign currency deposited or withdrawn from civil circulation in Ukraine, and/or expressed in her payment instruments (debt obligations)
