Russian installed officials in occupied areas of the Kherson region have urged the population to exchange their savings for Russian roubles.

Payments in the Ukrainian national currency, the hryvnia, will end on January 1, head of the occupying forces Vladimir Saldo announced in a video on the Telegram messaging service on Tuesday.

He cited the massive drop in the value of the hryvnia due to Ukraine’s economic problems as the reason, saying the currency was”turning into paper.”

The capital of the region was recaptured by Ukrainian forces in November, but Russian troops continue to occupy large portions of the Kherson region.