Financial Panic Fears Escalate as Russian Bank Halts All Cash Withdrawals for 1 Week!

Financial crisis fears are spiking this afternoon as one of Russia’s largest 200 banks by assets, ‘My Bank’ has reportedly halted all cash withdrawals for one week.
Officials of My Bank have refused to comment after news of the bank halting all withdrawals was leaked early Monday by a call center employee.



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On the heels of HSBC refusing to allow customers to withdraw funds without an explanation of what they intended to use the funds for, and JP Morgan’s initiation of capital controls in October when the bank banned all outgoing international bank wires, the My Bank news is simply the latest sign that something is very, very wrong with the banking system.

Bloomberg broke the story,

Lender has introduced complete ban on cash withdrawals until end of week, news agency reports, citing unidentified person in call center.


Bank spokeswoman declined to comment by phone


My Bank is top 200 lender by assets: Prime


NOTE: Central bank has revoked about 30 banking licenses since July 1 when Elvira Nabiullina succeeded Sergei Ignatiev as governor, compared with three in the firt half of the year

Just in case Russians have any thoughts of moving their rubles into Bitcoin, the Russian Central Bank warned Russians Monday against holding the Bitcoin electronic currency, as they could be tied to gangs into money laundering and terrorist financing.

2014 is beginning to have a 2008 feel about it. 

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