Russian banks in crisis as new sanctions trigger financial turmoil
At least two Russian banks are experiencing severe problems, preventing customers from withdrawing their deposited funds. Early this morning, new sanctions came into effect, almost cutting the Russian financial system off from access to Western currencies.
Early this morning, new sanctions imposed by the West on Russia began to take effect. As a result, Russian companies were practically cut off from easy access to euros and dollars.
The Russian authorities assured that ordinary citizens' funds deposited in foreign currencies are safe, but apparently, these assurances did not reassure consumers. Early this morning, reports of long lines at banks appeared on social media. Commentators now report that at least two banks prevent customers from accessing their funds.
Russians cut off from money. Problems with two banks
According to the Visegrád 24 portal, Russian bank Rosbank is struggling with serious difficulties—its website has ceased functioning, and customers cannot log into their accounts. Similar problems also affect other Russian banks, blocking customer access due to insufficient financial liquidity to disburse their money. This situation is attributed to the new sanctions imposed by the United States.
Jason Jay Smart, via X, reported that after Rosbank, Gazprombank has also been preventing customers from logging into their accounts. He claims that Russian banks are trying to avoid a digital "bank run" as customers aim to withdraw all their deposits.
The West hits Russia
Technical problems and lack of financial liquidity in Russian banks are not the only consequences of Western sanctions. The American restrictions also hit the Russian stock exchange, forcing it to suspend some operations shortly after the MOEX stock index returned to pre-war levels.
The sanctions triggered a reaction among Russian entrepreneurs and stock investors. Stocks listed on the Russian stock exchange are experiencing an actual collapse, with their prices dropping by as much as 15%. Therefore, Western restrictions have seriously affected the Russian economy and financial stability. According to Reuters, exporters have been almost cut off from access to currencies. "Getting dollars and euros in Russia is practically impossible," said one of them in an interview with reporters.
