Russia's Bank Panic Just Turned Dangerous - Jason Jay Smart

[TexasTowelie]

Putin’s war is now reaching into Russian bank accounts, because the pressure Ukraine is creating inside Russia is no longer theoretical. In April, Russia’s so-called three-day operation gained essentially nothing, while Ukraine struck across roughly 1.4 million square kilometers, or 540,000 square miles, hitting border cities, oil ports, pipelines, refineries, and deep interior infrastructure. Moscow’s army is barely moving, but Russia’s internal pressure is spreading quickly.

Russian citizens are already pulling cash from the banks, and the state is looking for ways to stop the money from leaving. Nearly $20 billion reportedly left bank accounts in January, with most of it staying outside the banking system. Now the Kremlin is weighing tighter withdrawal limits, forced state certificates, currency controls, and restrictions that could trap private savings inside a system Russians already distrust.

That financial pressure is hitting while Russia burns through soldiers faster than it replaces them, sells state gold to cover budget holes, and protects Putin’s favored oligarchs while regions run short of money. Hospitals are weakening, propagandists are preparing the public for harder times, and ordinary Russians remember what happened in 1991 and 1998. Putin wanted a short war in Ukraine, but he may now be creating a cash crisis, a confidence crisis, and a political crisis inside Russia.

CHAPTERS:
00:00 - Intro: Russia’s Military Operation Stalls
01:05 - Border Blitz: Ukraine Hits Russian Infrastructure
03:46 - Cash Trap: Putin Freezes Russian Savings
06:20 - Gold Selloff: Kremlin Faces Economic Collapse
07:56 - Devil’s Bargain: Putin Lets Oligarchs Rob Russia
10:18 - Kremlin Lies: Propagandists Hide Economic Reality
11:27 - Elite Secrets: Hypocrisy of Russian Propagandists