In response to the invasion of Ukraine, both the EU and the United States have imposed sanctions on the Russian financial sector. The Russian population is starting to experience problems with this: people in Moscow and other cities are complaining about difficulties in withdrawing cash.
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mtmSource: BELGIAN
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Six Russian banks – including the country’s second largest institution, VTB Bank – were completely affected by the US sanctions. That means US citizens and companies will no longer be allowed to do business with them, and their assets in the US will be frozen. In addition, the government has banned all US institutions from holding accounts for Russia’s largest financial institution, the Sberbank.
However, several major Russian banks – including Sberbank and VTB Bank – have jointly assured the Russians that there would be no problems withdrawing funds.
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