DASVIDANYA:

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."

Russia's central bank announced it would more than double its key interest rate from 9.5% to an eye-watering 20% in an attempt to stabilize the ruble, which dropped as much as 30% against the dollar, an all-time low, trading at 119 to the greenback. 

Russia's soccer teams were suspended indefinitely from international competition by major governing bodies Monday because of the country's invasion of Ukraine.

The ban means that Russia's national team will be blocked from playing in the 2022 World Cup.

Traditionally neutral Switzerland will adopt all the sanctions already imposed by the EU on Russia over its invasion of Ukraine, including against Russian President Vladimir Putin, Bern said Monday.

"This is a big step for Switzerland," Swiss President Ignazio Cassis told a press conference, after the Alpine nation had for days hesitated over whether to join the international move to sanction Moscow over the attack on its neighbor.

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