Mad Vlad creates new law, seizes Russian bank accounts as sanctions cripple economy – Reuters
Russian President Vladimir Putin has signed a new law allowing him to seize bank accounts or public officials.
Putin will now be allowed to take money from bank accounts where bank deposits are “significantly higher” than what the owners have declared as income over the past three years, Russian state television reported.
It is possible that the harsh sanctions imposed on Russia will make Putin desperate to keep the economy going.
Learn more about the Russian-Ukrainian war:
Following a deluge of global economic sanctions, the West effectively “ripped apart Russian finances in a day” and Moody’s Investors Service downgraded Russia to junk.
Rating agencies Moody’s, S&P and Fitch said the sanctions imposed on Russia had weakened Moscow’s economy.
Russia’s credit rating was downgraded to ‘junk’ and last week S&P made the same assessment that they have no confidence in the Russian economy.
Fitch said in a statement: “The severity of international sanctions in response to Russia’s military invasion of Ukraine has heightened risks to macro-financial stability, represents a huge shock to Russia’s credit fundamentals and could undermine its will to repay the public debt”.
The Russian economy received another devastating blow as Mastercard, Visa and PayPal suspended all operations in Russia.
Russian bank ATMs will no longer accept their cards, which will be devastating for the Russian people.