Long lines at Russia’s ATMs as bank run begins — with more pain to come, analysts say

CNBC ^ | 28-FEB-2022 | Natasha Turak

[SpeedyInTexas]

A run on Russian banks is underway.

[SpeedyInTexas]

[Lines at ATMs snaked down sidewalks and around buildings in Moscow and at Russian banks in Europe as depositors rushed to withdraw cash. Sberbank Europe, which is owned by Russia’s state-run Sberbank, says it has experienced “significant outflows of deposits in a very short time.”]

[“This is a full-fledged bank run that’s already underway,” Maximilian Hess, a Russian economy expert and fellow at the Foreign Policy Research Institute, told CNBC. “Effective 4 a.m. this morning, announced at midnight, the central bank of Russia has put in capital controls as well. So that’s stopped it from being as bad as it necessarily could be,” he said.]

[Tennessee Nana]

If Im not mistaken thats a run on the bank

George Bailey, Its a wonderful Life

[politicket]

Who could've seen that?

Note they don't mention all of the mutual funds containing Russian holdings that can't see those assets.

Hope not too many were long Russia...

[MercyFlush]

The ruble is shortly going to be rubble.

[dfwgator]

"I'm back in the USSR....you don't know how lucky you are, boys..."

[Meet the New Boss]

The hacker group Anonymous just put out a video announcing a large scale hacker attack against Russian banks and that funds will be electronically transferred to the Ukrainian armed forces

[laplata]

I don’t believe that.

[Brian Griffin]

It should be 01 March 2002 in Moscow around now.

Rents will probably be due today.

Most bank accounts of most Russians will get quite depleted by normal rent payments.

If Ivan has 20 rubles left after paying rent, Ivan can stand in line a few hours to get it.

Governments know how to stop bank runs in the era of paper money - send trucks full of paper money to any bank facing a run.

[gunsequalfreedom]

We are still buying oil from them and have not shut down international banking. This is all propaganda from CNBC.

[Izzy Dunne]

It should be 01 March 2002 in Moscow around now.

Perhaps you should wind your calendar.

[dljordan]

“The ruble is shortly going to be rubble.”

When the dollar follows it will you be making jokes? This doesn’t hurt the big guys, just the regular people.

[caww]

I think the idea is to get the Russian citizens to revolt sufficiently to demand Putin leave office. If they hurt enough they may well do just that.

[tennmountainman]

Putin will have a real domestic problem when Banks cut off citizens from their money.