They can only expect worsening conditions to continue in the coming days and weeks.
The U.S. and its allies announced measures over the weekend to target Russia’s central banks’ ability to support Russia’s currency, the ruble , which fell by 30% to less than one cent against the U.S. Dollar on Monday. The currency gained some ground after Russia’s central bank increased its key interest rate by more than 20% to support the currency.
Russians were now facing higher prices and restricted foreign travel. The ruble’s fall sent nervous depositors flocking into banks and ATMs. Social media posts relayed stories of long lines and cash machines running low.
Moscow’s public transport department warned residents that they may have problems using Apple Pay, Google Pay or Samsung Pay to pay fares. VTB, the Russian bank responsible for the transactions, was one of those entities affected by international sanctions.
Vladimir Vyaselov, an entrepreneur, told the Associated Press that he had considered driving to another country in order to fly overseas with his student visa. He stated that he had been dissatisfied with all the authorities’ decisions for a long time. That is why he keeps all his money in currencies and is skeptical about Sberbank, VTB and national banks in general. “I cannot say that I was ready for sanctions, but I was as prepared as I could be as a Russian citizen.”
