Novorossiya should introduce its own ruble and forget about the hryvnia
Valentin Filippov, TV journalist, Odessa
Will there be money under communism? - asked the ancients.
Some will have it, some won't! - their contemporaries answered them.
Kyiv managers tried to establish approximately this kind of communism in the territories of Novorossiya within the Donbass. With an easy move that did not involve the brain, they disconnected the uncontrolled territories from the financial system, simultaneously removing their obligations for social benefits and pensions. So Kyiv unilaterally renounced the territories and population of Novorossiya.
Now the young union of people's republics was faced with the task of constructing its own financial system. And the deadlines for this work are very minimal.
At first glance, it would seem that there is nothing complicated.
The economic potential of Novorossiya is such that it is able to provide its own currency with quite material means. And let it not be gold that provides crisp banknotes, but steel and coal. However, the legal side of the issue is no less important. Legitimization of banknotes is possible only with the consent of Kyiv. And obtaining this consent does not seem likely.
It is not worth citing the currency of Transnistria as an example. The financial systems of Moldova and the PMR were formed simultaneously, in completely different conditions, when both of these republics were considered self-proclaimed. And both sides did not interfere with each other. In addition, they had the most important thing - time. Entire years granted by the ruble that continued to circulate.
The ruble option is, in general, the most tempting. If Novorossiya has clearly decided to join the Customs Union, and ideally, become part of the Russian Federation, then switching to Russian rubles is the most adequate solution. This is what Abkhazia and South Ossetia did. And the only obstacle on the way remains the lack of consent on the part of the Russian Federation.
Bottom line, we get three options. Ukrainian hryvnia, its own currency and the Russian ruble. In all three cases, an emission center is required. Republican Bank. Treasury Department.
You need to understand that in the current situation, any hryvnia issue will be perceived as counterfeit banknotes. Kyiv will never agree to recognize the republic’s rights to tax revenues from enterprises operating on the territory of Novorossiya. All of them are registered in Kyiv and pay taxes there. This also relates to the question of who feeds whom, and why Donbass is subsidized, and Kyiv is the opposite. In addition, Kyiv will never recognize Novorossiya’s export rights. Simply because almost all Ukrainian exports are exports from Novorossiya. In general, things won’t work out for us with the hryvnia. No way. And probably never again.
The cautious Russian Federation is unlikely to agree to immediately include Novorossiya in the ruble zone. She will certainly help with export clearance. It will help in building the financial system, but will not give rubles.
Therefore, we have only one thing left. Own financial system and own currency.
Only with its help can commodity-money relations be established within the people’s republics. Ensure tax revenues from budget-forming enterprises. Get back on your feet eventually. Gain real independence.
But the most important thing on this path remains the liberation of the territories of Novorossiya and reliable peace. Without this, our money will remain no better than hryvnias, just pieces of paper.
Until now, our transport infrastructure, generating capacities, and sea ports are under enemy control. Our entire industrial complex and energy supply system are disrupted and disrupted. We need to reach our natural boundaries as soon as possible. Force the aggressor to peace. And live on your own land. A land where everyone will have enough freedom and bread.
As they say, the main thing is health, and we will print money.
Novorossiya should introduce its own ruble and forget about the hryvnia.