Russian banks told to make sure Belarus gets RUB

RUSSIA / FSU POLITICS - In Brief 10 Sep 2020 by Alex Teddy
On September 9 Reuters reported that the government has instructed to ensure a flow of RUB to beleaguered Belarussian banks. Prime Minister Mishustin has given instructions to Sberbank, VTB and VEB. These are all state owned and they have branches in Belarus. Many people in Belarus are withdrawing all their money. There is a danger of a run on the banks.In August 2020 Belarus' foreign reserves fell by USD 1.4 billion which is 15%. People wanted hard currency.Sberbank and the Belarus Central Bank refused to comment on the story about Russian banks propping up their Belarussian subsidiaries. Belarus is bracing itself for Western sanctions.

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