Reports of Russian bank crisis in progress

Pravda reported Friday a Russian banking crisis in progress, causing a rapid appreciation of the US dollar against the ruble. But a former government official said the situation could hardly be called a crisis.

Investors are purchasing the US currency, Pravda said. According to the Kommersant, on July 8 the dollar reached the price of 29.15 roubles, but later fell down to 29.12 roubles per dollar.

MasterCard blocked operations on cards of Guta-Bank, Paveletsky bank, Sodbusinessbank and

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