It sounds like a challenging situation in Russia. The United States has expanded its sanctions against Russia, which now include stricter measures targeting banks involved in transactions with sanctioned entities.
People in Moscow are panicking and rushing to the ATM to obtain cash before the RUBLE completely collapses. Heavy crowded queues at numerous currency exchanges in Russia indicate a major economic sector collapse.
The Moscow stock exchange announced on Wednesday that it will stop trading dollars and euros from Thursday, June 13. Some speculate a big conspiracy against Vladimir Putin. It’s crucial to avoid using the hashtag #RussianBankCollapse as it could worsen the situation by inciting fear among Russians. The Moscow Stock Exchange halts trading in US dollars and euros. Currently, 1 Russian Ruble equals 0.011 United States Dollar.
Treasury Secretary Janet Yellen highlighted the Kremlin’s isolation from the international financial system, stating, “Russia’s war economy is deeply isolated from the international financial system, leaving the Kremlin’s military desperate for access to the outside world.” She emphasized the significance of the recent actions in limiting Russia’s access to international materials and equipment, including critical supplies from third countries.
The announcement from the US coincided with President Biden’s preparations for a G7 summit in southern Italy. The summit, attended by leaders from the UK, Canada, France, Germany, Italy, and Japan, is focused on bolstering support for Ukraine, which has been resisting Russia’s invasion for three years.