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Russian bank now unable to offer cash to customers

Russian midsize bank SB Bank said its clients would be unable to withdraw money. The bank said on its website it would not give cash to clients, without elaborating. Russia’s banks have been severely impacted by the 50% drop in the value of the ruble against the dollar and with the economy on the verge of recession. The government has taken initiatives, including bailing out a handful of banks. Banks across the country faced a surge in withdrawals in December as the ruble plunged to record lows and the central bank raised interest rates to steady the currency. The run was a blow to a banking system already weakened by Western sanctions and a souring economic outlook. SB Bank, founded in 1994 in Moscow, had 67.72 billion rubles ($1.03 billion) in assets as of 30 June and branches in Russia’s major cities.

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