Queues build at Moscow ATMs as Russians rush to withdraw foreign currency amid a sanctions-fueled plunge in the ruble: photos

Insider Inc.Mar 2, 2022, 19:32 IST

People are queueing for ATM machines in Moscow, Russia.Sergei Fadeichev\TASS via Getty Images.

Russians are queuing at ATMs to withdraw foreign currency as sanctions take their toll on the economy.
Western sanctions have caused the Russian ruble to plummet, fueling a scramble for foreign currency.

People in Russia are queuing to withdraw foreign currency from ATMs after Russia's economy was targeted by a series of Western sanctions in response to Moscow's decision to invade Ukraine.

People queue for a Sberbank ATM machine in Moscow, Russia.Vyacheslav Prokofyev\TASS via Getty Images.

People in Russia are queuing to withdraw foreign currency from ATMs after Russia's economy was targeted by a series of Western sanctions in response to Moscow's decision to invade Ukraine.

The US, the UK and the EU have introduced a raft of financial sanctions, including freezing $630 billion of foreign assets which the central bank could have used to stabilize the ruble and the Russian economy.

People queue for a Sberbank branch in Moscow, Russia.Vladimir Gerdo\TASS via Getty Images.

The US, the UK and the EU have introduced a raft of financial sanctions, including freezing $630 billion of foreign assets which the central bank could have used to stabilize the ruble and the Russian economy.

The ruble fell by 30% on Monday to a record low and has continued to depreciate since.

A digital board shows the exchange rate of the rouble against the US dollar and euro in Moscow, Russia.Sergei Karpukhin\TASS via Getty Images.

In an attempt to shore up the currency, Russia's central bank more than doubled interest rates to 20% on Monday.

A board showing exchange rates in Russia's rouble against the US dollar and euro in Moscow, Russia.Sergei Karpukhin\TASS via Getty Images.

People queued to withdraw foreign currency as the value of the Russian ruble continued to plummet. As of Wednesday the exchange rate sat at 112 rubles per US dollar, compared with around 77 rubles a month ago.

Residents queued to withdraw cash from ATMs in Moscow.Vyacheslav Prokofyev/Getty Images

People queued to withdraw foreign currency as the value of the Russian ruble continued to plummet. As of Wednesday the exchange rate sat at 112 rubles per US dollar, compared with around 77 rubles a month ago.

The UK, EU and US, alongside other governments, have also barred some Russian banks from the SWIFT global payment system.

The value of the Russian rouble has plummeted.Sergei Karpukhin\TASS via Getty Images.

The weaker currency has also had an effect on the cost of imported goods, including prices of medical supplies.

The price of imported medicines is rising in Russia.Vladimir Smirnov\TASS via Getty Images.

The Russian central bank said last week that cards issued by sanctioned banks would be unable to be used for Apple Pay and Google Pay services.

Apple and Google pay options are also restricted for sanctioned banks.Mikhail Japaridze\TASS via Getty Images.

U.S. payment networks, Mastercard and Visa, also said on Monday that they would block financial institutions in Russia from using their services in line with US sanctions, Reuters reported.

Certain payment methods have been declined because of sanctions.Mikhail Tereshchenko\TASS via Getty Images.

U.S. payment networks, Mastercard and Visa, also said on Monday that they would block financial institutions in Russia from using their services in line with US sanctions, Reuters reported.

The sanctions have also led to long queues at metro stations in Moscow with Russians blocked from using sanctioned payment options to purchase train tickets and other amenities.

People queue to buy train tickets at Moscow Metro station.Mikhail Tereshchenko\TASS via Getty Images.

The sanctions have also led to long queues at metro stations in Moscow with Russians blocked from using sanctioned payment options to purchase train tickets and other amenities.

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Queues build at Moscow ATMs as Russians rush to withdraw foreign currency amid a sanctions-fueled plunge in the ruble: photos

People in Russia are queuing to withdraw foreign currency from ATMs after Russia's economy was targeted by a series of Western sanctions in response to Moscow's decision to invade Ukraine.

The US, the UK and the EU have introduced a raft of financial sanctions, including freezing $630 billion of foreign assets which the central bank could have used to stabilize the ruble and the Russian economy.

The ruble fell by 30% on Monday to a record low and has continued to depreciate since.

In an attempt to shore up the currency, Russia's central bank more than doubled interest rates to 20% on Monday.

People queued to withdraw foreign currency as the value of the Russian ruble continued to plummet. As of Wednesday the exchange rate sat at 112 rubles per US dollar, compared with around 77 rubles a month ago.

The UK, EU and US, alongside other governments, have also barred some Russian banks from the SWIFT global payment system.

The weaker currency has also had an effect on the cost of imported goods, including prices of medical supplies.

The Russian central bank said last week that cards issued by sanctioned banks would be unable to be used for Apple Pay and Google Pay services.

U.S. payment networks, Mastercard and Visa, also said on Monday that they would block financial institutions in Russia from using their services in line with US sanctions, Reuters reported.

The sanctions have also led to long queues at metro stations in Moscow with Russians blocked from using sanctioned payment options to purchase train tickets and other amenities.