Panic in Russia as nation’s economy plunged to record lows with people concerned about their savings.
Russians waited in long queues outside ATMs on Sunday, worried that the new Western sanctions over Moscow’s invasion of Ukraine will trigger cash shortages.
One of the factor that contributed the problem was the decision of United Kingdom to impose sanction against
Russia in response to the ongoing war in Ukraine.
It was gathered that
New rules will make it illegal to do business with Russia’s central bank, national wealth fund or treasury.
The new round of moves, which also includes further restrictions on Russian financial institutions, continue efforts to cut off its economy in retaliation for the invasion.
Scary sanctions slammed by Western allies against Russia over its invasion of Ukraine are already showing effect, German Chancellor Olaf Scholz said Sunday, warning that further embargoes could come if Moscow failed to change course.
“Already in the last week, the Russian stock markets sank by more than 30 percent. That shows: our sanctions are working,” said Scholz.
“And we reserve the right to impose further sanctions,” he warned.