US Dollar vs Russian Ruble (USDRUB)

[Lowjack]

The European Central Bank said on Monday morning that Sberbank Europe, a fully-owned subsidiary of Sberbank Russia, which in turn is majority-owned by the Russian state, is failing or likely to fail along with its Croatian and Slovenian units.

“Sberbank Europe AG and its subsidiaries experienced significant deposit outflows as a result of the reputational impact of geopolitical tensions,” the ECB said in a statement. “This led to a deterioration of its liquidity position.

“There are no available measures with a realistic chance of restoring this position at group level and in each of its subsidiaries within the banking union.”

I expect the ECB and other central banks to be destroyed by the end of the week.