Bitcoin Forum

It is being said in some outlets that some of the banks in Russia are at rick of defaulting. Namely, the giant Sbersbank or some of its subsidiaries may fall. Putin may be too busy with his invasion to dedicate funds to save these banks. How could this affect the average Russian citizen that did not have a say on this whole mess? Are many Russians at risk of loosing their savings? Will the banks close "until further notice" anytime soon?

Who knows if they will actually collapse. Putin is crazy rich. He might actually be the richest person on the planet. Unlike Elon or Bill Gates he is private with his wealth. He doesn’t show it off. However he has tons of money and so do all the rich Russian people near him.

If the banks are in trouble he can easily bail them out. Or they can be bailed out with money from his friends. So this is why I don’t think they will necessarily go default. Lots of fake news out there. Don’t believe everything that you hear.

But you said some Russians are richest and Putin himself is rich guy here, the thing is it’s all about the banks which are at the risk of getting collapsed. I don’t think as such those rich guys gonna help the banks to get out of the collapsed economy. I’m pretty sure they might be saving their own assets in the war zone. They are rich because they usually have their assets involved in share market, commercial companies which could be inside Russia or overseas. If they kept the wealth private then I could expect least from Putin to help the national banks with that money. Lolz

It will affect them as it always does: in wars and crises, the average citizen is always the most affected. In another thread I mentioned that there were queues at ATMs to withdraw money over the weekend, which indicates that they think they may lose their money and therefore prefer to withdraw it rather than leave it in the bank. It seems that many are also exchanging rubles for cryptocurrencies or foreign currency while Putin is forcing companies that trade abroad to convert 80% of their earnings to rubles.

As ordinary citizens tend to have few resources, they are always more affected by these issues.

This is very likely to happen and common citizens who will be severely harmed and experience the most impact, wealthy people will be very easy to access to banks and withdraw their funds before or maybe they have already done that because it is no secret the rich have always been a priority of government, however if common citizens do not lose their savings but they have lost their money value because of inflation that will continue to rise.

I don't think that there is any risk for the big Russian banks to collapse. As far as I understood it it's only the European subsidiaries that will likely collapse. The banking system relys heavily of short term refinancing, and if you take away that chance to refinance by removing the market access the banks will fail. It's also not very likely for the main banks from Russia to step in and save them. The falling ruble price is also adding to insolvency pressure. As for the flagships in Russia I don't see them failing. Russia has full control over them and could always start printing more ruble. Another issue is that Russia could just freeze on deposits and don't allow withdrawals anymore.

no matter how rich Putin is. Even his money is not enough to save such a huge economy.In addition, Putin himself and all his friends are under sanctions and he will not be able to easily access his reserves

Russian banks are really close to collapse and we already saw yesterday how much the ruble and shares of banks and other leading companies in Russia fell. Russia's central bank is also limited in bailing out its banks, as some 70 percent of its $640 billion in reserves were held in foreign banks and are now frozen. In the future, they can go to compensate for losses to Ukraine from aggression against it.
Putin's wealth is a secret to Russians, but not to the banks and governments of the states where Putin keeps them. Now sanctions are also being introduced against Putin and his entourage. Therefore, the Putin regime will also lose most of its wealth from sanctions.
No, with such a continuing policy of aggression, no one will save Russia's economy. Putin tried to bring Russia to the brink of destruction. This is his choice and the choice of the people of Russia.

ATMs and banks in Russia are already out of funds due to all their people are pulling whatever left in their bank which will have its long term effects on their economy but there is no sign of pull back from Putin even after seeing all these crashes?

I am too much thinking about how other countries especially the common middle class is going to be affected? Hike in the fuel price is expected? Which will result in the price hike of all the consumer goods.