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Panic In Russia Over Economy In Free Fall

Published

4 years ago

February 28, 2022

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Panic In Russia Over Economy In Free Fall

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Panic in Russia has broken out as the ruble plunged to record lows with people concerned about their savings.

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Russians waited in long queues outside ATMs on Sunday, worried that the new Western sanctions over Moscow’s invasion of Ukraine will trigger cash shortages and disrupt payments.

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“A bank run has already started in Russia over the weekend … and inflation will immediately spike massively, and the Russian banking system is likely to be in trouble,” said Jeffrey Halley, Asia-based senior market analyst at OANDA.

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Russians posted screenshots of their banking apps on social media, offering to buy the dollar for 120-130 rubles.

It comes as Russia’s central bank announced today it was raising its key interest rate to 20 per cent from 9.5 percent as the West pummelled the country with sanctions over Moscow’s invasion of Ukraine.

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The Russian ruble has plunged in value to historic lows after world powers imposed fresh, harsher sanctions on Moscow over its invasion of Ukraine.

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