Russian Bank Halts All Cash Withdrawals

Tyler Durden's picture

It would appear the fears of a global bank run are spreading. From HSBC's limiting large cash withdrawals (for your own good) to Lloyds ATMs going down, Bloomberg reports that '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 firt half of the year

Interestingly, Russia's biggest lender Sberbank has seen a 8.7% rise in deposits in December... it seems the Russian's are realizing that bank deposits are nothing more than risky loans to highly levered entities...

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youngman's picture

Oh Oh..I hope Snowdon got paid in Bitcoin

TeamDepends's picture

Commence PM smackdown in 3 2 1....

Dark_Horse's picture

More reason to diversify holdings with off-book assets.


krispkritter's picture

Perspiring Russian minds want to know; is the Ruble rubble? This could be trouble.

Gankfest's picture

It's going down... Everywhere!

fonestar's picture

Get down...

fonestar get on up!

gmrpeabody's picture

I can only assume, Tyler, that you verified this story...

EDIT:  A thousand pardons..., you are merely reporting what Bloomberg is reporting.

Deo vindice's picture

Could it be that they are wanting to keep extra cash in reserve for the tourists at the Olympics?

They certainly wouldn't want people from all over the world having problem getting local currency.

Atlasshruggedme's picture

Google translate and google maps does show a "??? ????" (My Bank) in Sochi. I am sure they will make allot of money via conversion fees.

kliguy38's picture

It seems they can't trot out the "hack attack" again.......;-)

HoofHearted's picture

Is it a stock problem or a flow problem with them?

I would vote for the solvency issue...

Tim_'s picture

My Bank News 22.12.2013

Can anyone here read Russian?

Starting last month, it looks like the daily ATM withdrawal limit was 20,000 rubles ($574), and there was a waiting period of one week for a cash withdrawal over 100,000 rubles ($2,870). It looks like the $3,000 limit came right out of a playbook.

My Bank's site states that the restrictions should have been lifted by now.

tocointhephrase's picture

Get we run the race...darkside undergound n its bass..I'm gonna rock, im gonna rave...move to the beat n feel no way...



LMFAO what an MC...good times...remember those?


limit_less's picture

You have to wonder what the plan is.

In Greece you have the government telling people have faith in the banks, put your money in and yet the same government is saying they will start taking money out of bank accounts to pay alleged tax arrears.

You have the same in the UK. Banks need recapitalisation, they need to clean their balance sheets, and yet you see stories which only make people wary of putting money in the bank.

And now Russia

So the central banks and the money centre banks want/need money just not from depositers.

It is almost as if they like being in a hole because they can demand money from government rather than having to make all those pesky loans which leads to all that extra paperwork and risk. 

Much easier and more profitable to buy polticians and blackmail governments.

fonestar's picture

Perspiring minds?

Have you tried my new high-cryptose bitsyrup?

geminiRX's picture

Yah, how long will the Internet be turned on for in a global bank run? So much for bit coins.

fonestar's picture

Good luck with your global power outage and end of the internet bullshit moron.




fonestar has just registered the fonestar.bit domain so all of his fans here can stay updated with all of the most current bitshitshow information you probably do not need to know in these virtual troubled times.

geminiRX's picture

Capital controls douche.... They can do to bit coin what was historically done to gold

fonestar's picture

The whole point of Bitcoin is to avoid capital controls dumbass.

gmrpeabody's picture

That is correct..., computers and e-commerce are very secure.

Oh, wait...

fonestar's picture

Correct.  Probably the strongest, most critical and redundant structure ever created by mankind on Earth.

geminiRX's picture

Digital currency is coming - it just won't be yours, sorry. In Canada, if you asked the average consumer if they wanted a Federal Mintchip - or volatile bit coin, they would likely choose the Mintchip.

fonestar's picture

Mintchip is a stillborn.  Bitcoin is already here you pathetic .gov fanboy.

fonestar's picture

I'm not going to give Joe Weisenthal any page count by clicking on that.

Lore's picture

...But you'll happily troll here.

limit_less's picture

The UK already uses a virutal currency. No one carries cash.

KnightTakesKing's picture

So you have no worries that Obama and the NSA won't activate the Internet "kill switch" when it suits them?

fonestar's picture

No in fact, fonestar does not believe in an internet "kill switch".  

Maybe Obama's "kill switch" looks like this.....

Spanky's picture

Oh massah. May I pleeease post something on ZH? You've been here for yeeears. And oh, your powerful virtual presence... I prostrate myself in the glare of your virtual awesomeness.

Prove the bitcoin crypto unbreakable, fonestar.

Bitcoin: NSA technology wrapped in a USN onion. Fingerprints at the scene of the crime.

Spanky's picture

Well, why don't you just mosey on over to your new fonestar.bit domain and leave the rest of us alone. If telling everyone bitcoin exists is your appointed task, you've accomplished that here. We know about bitcoin's existence. You'll stay only if your task is to continuously push the bitcoin meme, 'cause that's one of the ways propaganda works -- continuous repetition of a meme (or lie). But then I figure you know that fonestar. What's your NSA sub-contract worth?

fonestar's picture

Haha... yeah the NSA is actively working to destabilize the US Dollar you fucking conspiratard simpleton.  It's dipshits like you that throw egg all over the face of valid, well founded research into conspiracies.

Spanky's picture

Yeah, it's responses like this that tell us all we need to know about you, and by extension, bitcoin.

Answer the question fonestar: How long did it take the FBI to gain access to the Silk Road wallet? Unbreakable crypto you say?

fonestar's picture

The cryptography is unbreakable, humans are breakable you frigging idiot.

Spanky's picture

Keep telling yourself that fonestar: The cryptography is unbreakable... Care to prove it?

fonestar's picture

Hey Spanky member for 33 weeks fonestar has been here for years now!  

So why don't you take your dog shit off my lawn and go somewhere else where you can spew pro-gov FUD???

Spanky's picture

Gee fonestar, if longevity on ZH is the criteria, well.. perhaps I ought leave before I start raving like you.


Answer the question: Prove the bitcoin crypto is unbreakable...

Or will you just spew more bullshit?

dogbreath's picture

yeah, your one of the elder statesmen of fightclub, sure.   Douchebag

fonestar's picture

You're damn right fonestar is.  

Zerohedge is a pro-Bitcoin website.

Miffed Microbiologist's picture

A lot of cackling, moaning, whinging, whining, foaming and wild gesticulations does not make a spokesman or statesman. It just makes you a noisy, persistent irritant.


dogbreath's picture

ZH is REDPILL.   I would doubt that the Tylers would support you in your assertion that fightclub is pro bitcoin.  If anthing ZH is place to inform yourself about BTC and in relation to money, currency and the financial markets generally.   Nobody has to shill for gold as it has a proven historical track record.   Fiat also has its proven historical track record.   BTC on the other hand does not but that doesn't mean we aren't paying attention.  

You Douchebag, I mean Dronestar come here and keep banging the tulip drum.   Your nonstop drivel is identical in style to notorious ZH trolls JonnyBravo and MasterBates and others.   You have likly recieved more cumulative junks than any other member.   I am now certain that you will dissapear just like BTC.  

fonestar's picture

You think fonestar will disappear?   That is the funniest thing I have heard all year!

dogbreath's picture

Trolls come from nowhere and disappear to nowhere, some just hang in there a little longer but they  still leave.  I'm glad you  think I am funny because I think I speak for many that think you are a fool or idiot = not funny

Miffed Microbiologist's picture

Some here are but walking shadows, poor players
That strut and fret their hour upon the stage
And then are heard no more. It is a tale
Told by an idiot, full of sound and fury, signifying nothing.

And others are learned, experienced and intelligent and I am glad they are here to share their wisdom and perspective. I am grateful to them for the time they have given freely. Unfortunately to find a truffle,one must dig through mounds of dirt. ZH has been a lesson of patience for me for I tend to have little.


Spanky's picture

I believe you fonestar. Gotta earn those NSA sub-contract payments.