Russian Bank Run Begins as Ruble Plunges to Record Low Amid Escalating Sanctions – Bitcoin News - BitcoinEthereumNews.com
A bank run has started in Russia as citizens rush to withdraw cash amid escalating sanctions. The Russian ruble also nosedived to a record low, plunging more than 30%. “There are about 70 people in line. Eyewitnesses say the money in the ATM runs out within 40 minutes.”n Russians Rush to Withdraw Cash as Sanctions Intensify The Russian ruble nosedived 30% to a record low against the U.S. dollar Monday morning, falling as far as 119.50 per dollar from Friday‘s close as offshore trading started in the morning during Asia hours. Russia’s biggest lender, Sberbank, which has a listing on the London Stock Exchange, also plunged 75% Monday. The plunge followed the European Commission anouncing Saturday that Western allies will impose restrictive measures on the Russian central banks international reserves worth $630 billion. European Commission President Ursula von der Leyen said: We will paralyze the assets of Russias central bank. This will freeze its transactions. And it will make it impossible for the central bank to liquidate its assets. The U.S., European allies, and Canada have agreed to cut off key Russian banks from SWIFT, the interbank messaging system which conects more than 11,000 banks and financial institutions in over 200 countries and territories. “The military