Russian central bank urges calm amid fears

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Russian central bank

The Russian central bank has called for calm amid fears that new financial sanctions could trigger a bank run in the country. According to the central bank, it has the “necessary resources and capabilities to maintain financial stability” and ensure the continued operation of the financial sector.

The European Union, the United States, the United Kingdom and Canada have announced that the assets of the Russian central ba-nk will be frozen. Some Russian banks are excluded from the international payment system SWIFT.

Russian central bank urges calm amid fears of stampede

In a bank run, too many people try to withdraw money at the same time. On Friday, the central bank had to increase the amounts it delivers to ATMs as withdrawals reached the highest level since March 2020, the start of the corona pandemic.

The central bank has converted approximately 560 billion euros in reserve. The purpose of the sanction against the bank is to prevent President Vladimir Putin from further financing the war in Ukraine, European Commission President Ursula von der Leyen said earlier.

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