Long lines at Russia’s ATMs as bank run begins — with more pain to come

A run on Russian banks is underway.

Russia’s ruble dropped dramatically in Monday’s trading on the news of unprecedented sanctions levied on Moscow by the EU and U.S. for its invasion of Ukraine.

Lines at ATMs snaked down sidewalks and around buildings in Moscow and at Russian banks in Europe as depositors rushed to withdraw cash. Sberbank Europe, which is owned by Russia’s state-run Sberbank, says it has experienced “significant outflows of deposits in a very short time.”