...
By Polly Mosendz
Reporter
0
Share
Newsweek is a Trust Project member
See more of our trusted coverage when you search.Prefer Newsweek on Googleto see more of our trusted coverage when you search.
In January, Yevgeniy Maynulov, the finance minister of Luhansk People's Republic (LPR), a pro-Russian separatist group occupying parts of eastern Ukraine, expects to launch a new banking system designed especially for those living in rebel occupied Ukraine. LPR recently signed a cease-fire with the Ukrainian military. It is unclear if the payment system, or LPR's recent decision to restore a railroad with Russia, would violate the temporary truce.
LPR considers itself an independent state, and as such, believes the banking system is a necessity. Maynulov told the Novorossiya Press Center, as reported by Itar-Tass, "The first step in this direction will be the introduction of payment processing centers in all towns from December 20 which will allow all kinds of non-cash transaction."
Read More on World
Those who live in LPR-controlled areas will be able to use the system to pay for their housing and public utilities. They will also be able to bank with those in the Donetsk People's Republic region, another pro-Russian separatist group occupying the Donbass region of eastern Ukraine.
While Maynulov said the "spectrum of their activity will be broad," he did not specify how the system would work, or what currency it would use. Itar-tass noted that LPR does not plan to create its own currency or move to the Ruble.
View 0 Comments
Submit Correction
View Editorial & AI Guidelines