Russians waited in long queues outside ATMs on Sunday, worried that new Western sanctions over Moscow's invasion of Ukraine will trigger cash shortages and disrupt payments.
Moves to block some Russian banks from the SWIFT global payments system and freeze the Bank of Russia's reserves are expected to deal a severe economic blow, although Russian authorities and lenders sought to assuage fears.
" Putin and Kudrin built it up for years, thinking about a major war," he said. "War has come, and there is no money."Russian banks sought on Sunday to calm fears over money supplies and online payment systems. The central bank, however, advised people to carry their bank cards with them, saying that mobile payment systems may not work at all with terminals or online shops operated by one of the five banks under the harshest sanctions.
Senior Russian lawmaker Andrei Klimov was cited by RIA as saying: "Russia's exit from SWIFT poses no threat to our domestic settlements, stimulates the rouble as an international currency and at the same time reduces the possibility for the West's destructive control of our settlement operations."But some warned of catastrophic economic damage now that the West has announced it is freezing the central bank's reserves.
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