The Russian authorities are stepping up all-out measures to curb capital flight and prevent a panic movement that could seize the population.
Article written by
Posted
Reading time : 1 min.
The Russian central bank ordered on Sunday March 6 that banks no longer publish their financial statements because of Western sanctions after the invasion of Ukraine. These institutions will still have to send their balance sheets to the central bank, but they will no longer be made public.
>> Follow the latest information on the war in Ukraine in our live
Some of Russia’s largest banks have been cut off from the Swift international interbank system, limiting their overseas transaction capabilities. The Russian currency collapsed and restrictions on the purchase of currencies were imposed to support the ruble.
The Russian authorities are stepping up all-out measures to curb capital flight and prevent a panic that could seize the population if the banks were to run out of liquidity. Russians have withdrawn their savings from their bank accounts in large numbers, as evidenced by the queues at the beginning of the week in banks and at ATMs, in this country accustomed to economic and financial crises.