Russia Ukraine Crisis: The video appears to be indicative of internal panic sweeping across Russia.
Following an agreement to exclude Russia from the global payments system SWIFT in a tough Western response to the country’s invasion of Ukraine, videos circulating online depicted hundreds of Russians queuing outside ATMs in a show of panic.
Civilians were seen waiting in long, twisting lines in an apparent race to stock up on cash before they potentially lose access to international banking infrastructure. One video captured queues for ATMs snaking around the building’s staircases and stalls, as Russian masses lined up to make withdrawals in an ostensible bank run as the West moves to freeze Russia out of international payments.
The video appeared to be indicative of internal panic sweeping across Russia in the wake of a barrage of economic sanctions against the country. NDTV is unable to verify the authenticity of the video.
Exclusion from SWIFT is one of the most disruptive sanctions the West has decided to deploy against Russia as punishment for its sustained attack on its pro-Western neighbour.
On Saturday, as the Russian military stepped up its assault on Ukrainian cities, Western allies sought to cripple the country’s banking sector by cutting selected banks from an international system used to transfer money, severely impeding Russia’s ability to trade with most of the world.
More than 11,000 financial institutions in over 200 countries use SWIFT, making it the backbone of the international financial transfer system.
According to the national association Rosswift, Russia is the second-largest country following the United States in terms of the number of users, with some 300 Russian financial institutions belonging to the system.
Russia launched a full-scale invasion of Ukraine on Thursday, targeting cities with weapons strikes and forcing residents to flee for their lives. The UN estimates that the invasion has already created 370,000 Ukrainian refugees in the space of 4 days.
As street fighting raged in Ukraine’s second-biggest city Kharkiv today after Russian forces pierced through the country’s defences, Ukraine reported that they managed to expel Russian troops and take back control of the city.
With Russian forces hitting Ukrainian cities with artillery and cruise missiles, Ukraine has responded by taking Russia to the International Court of Justice in The Hague on Day 4 of the invasion.