In the event of severe Western sanctions with Russian troops invading Ukraine, retail customers could risk losing their savings.

Savings from Russians could be confiscated in response to sanctions imposed on the country, said Nikolai Arifeev, a member of the Russian Federation’s Communist Party, deputy chairman of the Duma Economic Policy Committee.

In an interview with the local news agency on Monday, Arifeev said that the Russian government is likely to confiscate 60 trillion rubles ($ 750 billion) in people’s deposits if Western countries decide to block all foreign money to Russia.

“If all foreign funds are blocked, the government will have no choice but to confiscate all deposits of the population or 60 trillion rubles to resolve the situation,” the official said, noting that Russia has more than $ 640 billion in gold. and foreign exchange reserves abroad. .

He also noted that possible sanctions against Russia include a possible disconnection from the SWIFT system and a ban on currency.

Russian President Vladimir Putin has officially announced a special military operation in Ukraine, probably motivated by a set of sanctions against major Russian banks, including state-sponsored Sberbank and VTB.

According to local reports, Sberbank issued a false statement about inclusion on the US sanctions list on Thursday night, but later removed the warning, saying the statement was false and was caused by a “website crash.”

At the time of writing, the Sberbank website indicated that Sberbank and all of its systems are operating normally and that customers and legal entities have full access to their funds and services.

“We are prepared for any development of the situation and have developed scenarios to ensure the protection of our customers’ funds, assets and interests, as well as to ensure the orderly operation of all our functions,” the report states.

On Thursday, the Russian Foreign Ministry said it would be ready to respond to possible Western sanctions, saying: “Make no mistake, we will react strongly to these sanctions, not necessarily in a consistent way, but the response will be well calculated and they will do not fail to influence the United States. ”

Balaji Srinivasan, a crypto investor and former CTO of Coinbase, hinted that the department is threatening cyber war with the West:

The latest news is that the Russian ruble is falling to a record low level against the US dollar, with figures rising to 115 rubles or more against the US dollar for those who want to buy dollars on the open market, up 35% from 74 rubles. . Just two weeks ago. According to local data, Sberbank on Thursday offered its customers to buy dollars for 100 rubles.

USD / RUB 30-day chart. Source: Trading View
Recent events have had a huge impact on Russia’s stock and cryptocurrency markets, with Bitcoin (BTC) falling below $ 35,000 for the first time since June 2021, according to data from CoinGecko. The total market value fell below $ 1.7 trillion for the first time since August last year.

According to Sam Bankman-Fried, CEO of the cryptocurrency exchange FTX, the massive sales in the crypto and stock markets “pay the price for the war.”

Source: CoinTelegraph