The crippling sanctions imposed on Russia for its invasion of Ukraine are already wreaking havoc on the lives of ordinary Russians, who can only expect things to worsen in the days and weeks ahead, experts say.
The measures announced by the U.S. and its allies over the weekend include targeting the ability of Russia’s central bank to support the country’s currency, the ruble, which fell about 30% against the U.S. dollar on Monday to less than 1 cent. It regained some ground after Russia’s central bank more than doubled its key interest rate to 20% to shore up the currency.
The developments had Russians facing the prospect of higher prices and curtailed foreign travel as the ruble’s plunge had nervous depositors flocking to banks and ATMs. Posts on social media relayed reports of long lines and machines running out of cash.
Bank run accelerates in #Moscow after Putin imposed crippling capital controls last night to…