Russia’s central bank has issued an appeal for calm amid fears that new financial sanctions could spark a run on its banks.
It said it “has the necessary resources and tools to maintain financial stability and ensure the operational continuity of the financial sector”.
The EU, the US, the UK and Canada have announced that the assets of Russia’s central bank will be frozen.
Some Russian banks will also be excluded from the Swift payment system.
A run on Russian banks would see too many people trying to withdraw money. On Friday, Russia’s central bank was forced to increase the amount of money it supplies to ATMs after demand for cash reached the highest level since March 2020.
Russia’s central bank has reserves of around $630bn (£470bn).
The aim of sanctions against the Bank of Russia would stop it from selling assets overseas to support its own banks and companies.
Announcing the measures, Ursula von der Leyen, president of the European Commission, said: “The European Union and its partners are working to cripple Putin’s ability to finance his war machine.”