Long lines at Russia’s ATMs as bank run begins

https://www.cnbc.com/2022/02/28/long-lines-at-russias-atms-as-bank-run-begins-ruble-hit-by-sanctions.html

“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.

The Russian people are about to have all of their savings converted into “war bonds” that won’t be available until “after the war.” That’s pretty interesting considering they’ve also been told the country isn’t at war.

37 thoughts on “Long lines at Russia’s ATMs as bank run begins

  1. Russia bitches about Ukraine getting arms from the US and Europe.

    Yet, they are relying on arms from N.Korea and Iran. So Russian savings are going to those countries?

    Liked by 3 people

  2. What misinformation? There is a run on Russian banks. People can’t get their money out of their bank accounts. Troops aren’t getting paid. Even Switzerland, which never gets involved in international banking problems, is sanctioning Russian banks.

    Also:

    The Russians have now lost more than 100K troops in Putin’s non-war, the most since WWII.
    https://www.newsweek.com/russia-losses-ukraine-surpass-100k-casualties-killed-wounded-captured-mobilization-1768805?fbclid=IwAR20c2aWUpT64_FygUGH538XPXD6HUleJiG7MUZygTFobOcFnRnb7byN-Sk

    Russian commanders are beating their soldiers until morale improves. https://twitter.com/wartranslated/status/1607085505291898882?fbclid=IwAR0o_0qcACRpJDDCTN-LHNcQuqNLdtNGAgb0PEKFzUGC3kxVEjKR0IA5kxU

    Ukraine is attacking Russian air bases 400 miles inside Russia.
    https://www.bbc.com/news/world-europe-64092183

    Russian oligarchs are falling from windows like flies.
    https://www.dailymail.co.uk/news/article-11574603/Another-Putin-critic-falls-window-death-Tycoon-plummets-luxury-hotel-India.html

    And the Ukrainian people are celebrating Christmas on Dec 25 instead of the Russian Orthodox day.

    So eat, drink, and be merry! I know you will be pleased. The good guys are winning!

    Liked by 2 people

          1. RE: “Or maybe it’s as some people are suggesting, not a ‘run on the banks’ but a ‘special financial situation.'”

            That’s your best option at present. WSJ reported a few days ago that Russia’s central bank is worried about inflation. It is possible that some member banks are experiencing cash shortages in response to the government’s fiscal policy or in response to the recent decline in the ruble exchange rate relative to western currencies.

            https://www.wsj.com/articles/russia-central-bank-worries-war-could-spur-inflation-11671209915?mod=Searchresults_pos11&page=1

            In any case, there are no “bank runs” and to say so is an overreaction.

            Like

  3. Mr. Roberts, why is it so difficult for you to acknowledge very obvious truths? In this case that Russia’s war of conquest is falling apart along with its economy? Why does an American – and one who spent his career living off the DOD – want America’s global adversaries to succeed and America’s friends to fail? It is a puzzlement. Can you explain?

    Liked by 1 person

          1. I could link to dozens of reports FROM REPUTABLE SOURCES confirming the reality of Russia’s massive failures. But you are not interested. For example . . .

            Which brings me back to the question you dodged – why would an American be rooting for the success of America’s global adversaries and rooting for the failure of America’s friends?

            Liked by 1 person

          2. “When did YOU stop beating your wife?”

            Nice try, I guess, but as a factual matter I am not actually beating my wife while you are actively pulling for Putin and the success of his fascist aggression. The question still on the table is why?

            Liked by 1 person

          3. No, I’m curious too. Why would a DOD contractor be cheerleading for Russia? Are all those stories I heard through the years about DOD contractors true?

            Liked by 2 people

          4. A better question is, Why do you and Mr. Murphy cheerlead for Ukraine?

            It is not a democratic country in any way that an American would recognize. It commits war crimes every day, using weapons we provide. We are directly responsible for the slaughter of innocent women and children, and yet the two of you ride your high horses.

            Like

          5. “Why do you and Mr. Murphy cheerlead for Ukraine?”

            That is an easy one. They are a democratic country defending themselves against a fascist tyrant. They are the underdog. It is an American value to prefer democracy over fascism. And, it is an American tradition to root for the underdog.

            Now, I have answered. Why are you rooting for that fascist tyrant?

            Liked by 1 person

          6. Such a projection of what Russia is doing and saying that Ukraine is doing it, while denying what Russia is doing.

            Page 2, Trump playbook: Blame the other side for what you, yourself, are doing.

            You are a good little Padawan, Mr. Roberts. How many Trump NFT’s did YOU invest in?

            Liked by 1 person

      1. Every shred of evidence ever provided to you has been called “wrong” BY YOU. You don’t like evidence that goes against what you WANT to believe.

        You have a serious issue with truth. Too bad, because I believe you are a smart person.

        Liked by 1 person

          1. I believe it is stupid of YOU to waste time attempting to deny that you are a pro-Putin, anti-democracy lackey of the Russian state. If you don’t like the criticism, I really don’t give a rat’s ass. I will criticize who I want, when I want and back it with factual statements and not quote unreliable sources who’s provenance is questionable at best.

            You have made several mistakes. Pointed out to you many many times. Yet you continue to make the same ones over and over again.

            The definition of insanity: Doing the same thing repeatedly and expecting a different result.

            Liked by 1 person

          2. RE: “I will criticize who I want, when I want and back it with factual statements and not quote unreliable sources who’s provenance is questionable at best.”

            What factual statements or reliable sources have you provided in this thread?

            None.

            Like

          3. Every thing I have said about you is TRUTHFUL and FACTUAL. Just because you don’t see your own faults does not mean they do not exist.

            And you apparently did not comprehend my statement about sources. I said …”and not quote unreliable sources”… I said nothing in this thread about using them myself. All l I have done is point out that YOUR sources are unreliable and Putinesque in their statements.

            Liked by 1 person

  4. Yeah, it’s a “special financial situation” just like it’s not a war it’s a “special military operation.”

    And it is very possible that “some member banks are experiencing cash shortages.”

    If you lived in Russia and your life’s savings were in one of those banks, I’m guessing you’d be “running to your bank,” but that’s just a guess. Maybe you’d have so much confidence in your government, you wouldn’t be running at all. That was all a problem in February, there’s nothing to worry about now… is there?

    Liked by 2 people

    1. RE: “there’s nothing to worry about now… is there?”

      It is worth worrying about misinformation, or so I hear. If bank runs were occurring in Russia, it should be easy to verify. WSJ at a minimum would be reporting it.

      Like

      1. Your definition of misinformation is you don’t want to hear. Facts: Russian banks are in a financial crisis. Russia is losing the war.

        At this point, you need to prove Russia is winning the war and Russian banks are sound. Otherwise, you’re just trolling.

        Liked by 1 person

      2. RE: “At this point, you need to prove Russia is winning the war and Russian banks are sound.”

        That’s not hard. For battlefield information I recommend the Military Summary channel on YouTube:

        The front lines haven’t changed substantially for two months. The Ukrainians just keep throwing bodies and equipment at Russian bombs.

        A recent article at Reuters notes that Russia plans to increase its foreign exchange with China in 2013. This would be impossible were its banking system not sound:

        https://www.reuters.com/markets/currencies/russia-likely-buy-yuan-fx-market-2023-sources-2022-12-22/

        Like

        1. …” that Russia plans to increase its foreign exchange with China in 2013.”

          2013? Really new information.

          They may PLAN to increases its exchange with China. China nay say otherwise.

          Like

  5. Dang! Just lost a long comment. Not sure what happened. I’ll try to recreate it:

    I honestly tried to understand what was being said on that video you linked, but the speaker’s accent was too heavy. I couldn’t understand most of what he was saying. It seems to me, all he is saying is things are stalled at the moment… probably because of the weather, but I couldn’t understand that either.

    However, here’s a clip from one of the comments:
    “As for the ukronazis, and their western handlers in CIA, Pentagon, MI 6, And the British General Staff, most certainly, they skipped the classes of military thinking, and the Art of War. They trapped themselves, because of their utter incompetence, and miscalulation of the facts, into acting as the Russians wish. They are constantly feeding the Russian guns with not so fresh cannon fodder nowadays, because they have scraped the bottom of the barrel.”

    “Ukronazis”??? That sounds a bit biased. “They trapped themselves, because of their utter incompetence…” That sounds like projection.

    Most of the comments are along those same lines. If this isn’t a Russian propaganda site, the Russians are getting a free ride here.

    As for Russian plans to increase its foreign exchange with China, that is totally a desperation move. It is a “dedollarisation drive designed to reduce its dependency on Western finance.” And you can be sure China will take full advantage of Russian desperation. After all, the author of The Art of War was Chinese.

    (Gonna save a copy of this before I try to post it!)

    Liked by 2 people

    1. Military Summary publishes daily updates using both Russian and Western sources to create its report. It’s primary Western source is the Institute for the Study of War, which WSJ, WAPO and NYT also frequently reference. What’s important about the video I posted is that — as I stated — the front lines on the battlefield in Ukraine haven’t budged in 60 days because the Ukrainian forces aren’t strong enough to break through the Russian defenses.

      It is not a desperate move for Russia to increase its bank reserves of Chinese currency. It is, rather, a strategic decision that will eventually weaken the dollar as more and more countries around the world abandon trade in U.S. currency.

      Like

      1. …” a strategic decision that will eventually weaken the dollar as more and more countries around the world abandon trade in U.S. currency.”

        You seem pretty confident in that statement. I think it is your usual BS.

        There has been talks of that happening for YEARS, but it always comes back to the reality of the US Dollar being more stable than any other currency.

        Liked by 1 person

      2. SIGH! I am going to make this comment out of conscience only and not out of any thought you will take it seriously.

        You are surrounded with evil. Have you pissed off a Voodoo Queen at some point in your life or is this a self-inflicted condition? If it is self-inflicted, I suggest you make arrangements to be buried in an asbestos suit. When death reaches out, all birds of a feather will be flocked together. And birds in your chosen flock aren’t flying with angel wings.

        Liked by 1 person

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