The Russian currency plunged about 30% against the U.S. dollar after Western nations announced moves to block some Russian banks from the SWIFT international payment system and to restrict Russia’s use of its massive foreign currency reserves.
By VLADIMIR ISACHENKOV, DAVID McHUGH and KEN SWEET
Biden administration officials said Germany, France, the UK, Italy, Japan, European Union and others will join the U.S. in targeting the Russian central bank. Moscow’s department of public transport warned city residents over the weekend that they might experience problems with using Apple Pay, Google Pay and Samsung Pay to pay fares because VTB, one of the Russian banks facing sanctions, handles card payments in Moscow’s metro, buses and trams.
Electronics will be a pain point, with computers and cellphones needing to be imported and the cost going up, Kustra said. Even foreign services like Netflix might cost more, though such a company could lower its prices so Russians could still afford it. The bank hiked the benchmark rate to 20% from 9.5%. That followed a Western decision Sunday to freeze Russia’s hard currency reserves, an unprecedented move that could have devastating consequences for the country’s financial stability.
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