Russian run on the banks as Western sanctions CRIPPLE the ruble sparking hopes of civil unrest against Putin

BITING Western sanctions and a run on Russian banks has seen the ruble crash, sparking hopes of civil unrest against Vladimir Putin. Pictures show long queues outside cash machines in St Petersburg as locals race against time to withdraw their life savings before they’re wiped out. APRussians are scrambling to withdraw their lifesavings[/caption] ReutersRussia’s central bank has hiked interest rates to over 20 percent[/caption] It comes as Russia’s central bank says it will not open Moscow Stock Exchange today, Dataminr reports. Fears over an economic collapse in Russia continue to grow as Western sanctions begin to bite. Russia’s central bank hiked interest rates from 9.5 percent to over 20 percent in a bid to stop a run on the country’s currency, the ruble. The Bank of Russia blamed a “drastic change” on the “external conditions for the economy” for the sudden spike. And the country’s top economists and finance ministry has ordered exporting companies to sell of 80 percent of their foreign currency reserves. It comes as the value of the ruble continues to tumble against the dollar and euro on the Moscow Stock Exchange on Monday. And despite banking chief’s attempts to stop an all-out economic Armageddon, Russia’s economy shrank by 30 per cent overnight to an all-time low. Most read in The Sun KNIFE EDGE Ukraine faces 'crucial 24 hours' with Russia peace talks as Belarus warns of WW3 VILE RANT Russian ex-Strictly star Kristina Rihanoff says ‘I don’t give a s**t about war’ 'NO WORDS' Jungle music legend MC Skibadee, 47, dead as tributes pour in TAX CHECK Thousands of parents warned to check child benefit or risk fine and tax charge TOON TARGET Chelsea star Kepa wanted by Newcastle in transfer with 'Blues demanding £50m' 'bad taste' Strictly's Kristina Rihanoff slammed by fans over 'insensitive pro Putin' tweet The European Central Bank also warned that the European subsidiary of the Russian state-owned Sberbank – one currently under UK sanctions – was facing bankruptcy. The UK, US and EU have ratcheted up sanctions against Russia in recent days, going as far as banning certain Russian banks from accessing SWIFT and not allowing any of the country’s aircraft from landing or departing and flying over EU territory. Read our Russia – Ukraine live blog for the very latest updates It comes as protests against the invasion in Ukraine broke out across Russia on Thursday. More than 1,700 taking part in peaceful demonstrations were arrested in Moscow, St Petersburg and 42 other cities there. In the capital Moscow, protesters carried placards reading “No war. Putin, go away,” and posters comparing him to Hitler. And in neighbouring ­Georgia, a former Soviet republic, thousands of Russians marched and chanted “net voyne” (“no to war”) and “Putin khuylo” (“Putin is a d***”). One protester said: “Putin’s main goal is to re-write history and somehow convince the world that he hasn’t turned Russia into an empire of evil, but it’s plain for everyone to see.” Russian celebrities, dignitaries and officials joined calls for the attack to be halted last. Latest in Ukraine… Kyiv is preparing as Putin’s forces are expected to launch a full scale assault on the city of 2.9million peopleUkraine continues to mount a staunch resistance as it blew up 30 tanks and shot down 7 warplanes on the first day of the invasionOne hero soldier reportedly blew himself up on a bridge to stop an advancing Russian tank columnSun man Jerome Starkey shared his experiences from the frontline as he took cover from exploding shellsVideo showed a lone Ukrainian man blocking a column of armoured Russian vehicles in an echo of Tiananmen’s ‘Tank Man’Footage also showed a tank being driven by a pro-Russian saboteur crushing a car in KyivUkrainian soldiers told the Russian ‘f*** yourselves’ as they made a final stand against one of Putin’s warships on Snake IslandRadiation levels spiked at Chernobyl as dust was whipped up by invading Russian troops More than 150 municipal deputies — similar to local MPs — from various Russian cities wrote in an open letter: “We, the ­deputies elected by the people, unreservedly condemn the attack of the Russian army on Ukraine. “This is an unparalleled atrocity for which there is and cannot be justification.” Demonstrations against Russia‘s leader have also spread around the world in the wake of five days of fierce fighting, which have led to the killing or capture of at least 2,800 Russian soldiers. APThere are fears of economic collapse in Russia after its economy shrank by 30 percent overnight[/caption] ReutersLong queues outside banks have been seen across St Petersburg[/caption] AFPVladimir Putin has put his nuclear forces on ‘special alert’[/caption]