Russia will seize retail bank deposits if the US sanctions are too strict, warns officials. This means the citizens of the country could face the risk of losing all their savings to the government. The statement was made by Nikolai Arefiev, a member of the communist party and chairman of Duma’s committee on economic policy. The seizure could be around 60 trillion rubles ($750 billion) in case all the foreign funds of Russia are blocked.
Russia’s way of handling sanction
The official stated that in case all the foreign funds of Russia are blocked, they won’t have an option other than to seize the retail deposits of people. The country has around $640 billion in gold and foreign exchanges abroad, and blocking them could be a big problem. There is also a chance that Russia might be blocked from the SWIFT banking and payment system.
Russia’s step against Ukraine has resulted in a lot of potential sanctions by the US against the largest banks in Russia. Sberbank, one of the major banks in the country, said that it mistakenly reported about being included in the US sanctions list of banks. It further reported that all clients have access to their funds, and the services are available in full.
The notice from the bank further said that they are ready for any situation and have been working on scenarios to protect the funds and assets of their clients and continue operations. All this has resulted in Russia’s foreign ministry making a bold statement that they will adequately respond to the US sanctions and will not fail to affect them. It is like boldly calling them out for digital war.
What does this show?
The entire situation where the problems between different nations could result in people losing their savings shows the importance of a decentralized financial system. Sooner or later, people will understand how important it is to be in control of your own money. First inflation and now this war is bound to make people realize that till the time government is controlling their funds, they aren’t free.
What are your thoughts as an official said that Russia will seize retail bank deposits in case sanctions go too far? And do you think this shows the importance of Bitcoin even more? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.