Cash Withdrawals Completely Banned by Russian Bank

First, HSBC required customers to explain why they were withdrawing money. Then, ATMs from Lloyds Banking Group in the UK mysteriously went down.

Now, the alarming trend continues, as one of the top banks in Russia announces that no one can withdraw cash until the end of next week.

‘My Bank’ – one of Russia’s top 200 lenders by assets – has introduced a complete ban on cash withdrawals until next week. While the Ruble has been losing ground rapidly recently, we suspect few have been expecting bank runs in Russia. Russia sovereign CDS had recently weakned to 4-month wides at 192bps.

Via Bloomberg,

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 first half of the year. (source)

It appears that the big banks are circling the wagons and that a serious financial crisis is imminent. Matt Drudge’s cryptic warning Tweet aside, it doesn’t require a crystal ball to see that the end of our economic way of life is near.

If you haven’t done so already, you may be running out of time to get your finances in order. If you must use a financial institution, limit the amount of money you keep in your bank accounts, and remember, if you don’t hold it physically, you don’t own it.

hat tip to KYM