People across Russia are lining up at banks and ATMs hoping to withdraw funds as fears over the economy grow
A run on several Russian banks is underway in the wake of harsh sanctions levied by foreign countries in response to Russia's invasion of Ukraine.
The economic worries come days after the U.S. and its allies took steps to cut Russia off from SWIFT, the global financial messaging system. EU Commission President Ursula von der Leyen said the 27-nation bloc took action to"paralyze the assets of Russia's central bank" so that its transactions would be frozen.
In an attempt to stabilize the ruble and prevent hyperinflation, Russia's central bank doubled key interest rates to an eye-popping 20% on Tuesday. The Guardian also reports that Russia has ordered businesses to sell 80% of their dollar assets held abroad in the hopes of raising the value of the ruble in comparison.
Russian President Vladimir Putin also is expected to move funds through smaller banks and the accounts of elite families, deal in cryptocurrency and rely on Russia's relationship with China.
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