‘This Is Evil. And It Must Be Destroyed.’

The Russian central bank on Sunday promised domestic banks an “uninterrupted” supply of rubles, but was silent on foreign currency after the Western powers adopted measures to prevent the monetary authority from deploying its reserves amid increasingly draconian sanctions.

“The Bank of Russia has the necessary resources and tools to maintain financial stability and ensure the operational continuity of the financial sector,” the bank’s press service said, in its first public statement since finding itself in the crosshairs.

After pledging “continuous” cash and non-cash ruble liquidity to banks, CBR called the domestic banking system “stable” and said it has “sufficient capital and liquidity to function smoothly in any situation.” Customer funds are safe and available “at any time,” the statement read, before noting that domestic banks can use Russia’s own financial messaging system, an allusion to the SWIFT bans announced over the weekend.

Read more: Some Russian Banks Removed From SWIFT, Central Bank Targeted

SWIFT on Sunday said it was “preparing to comply” with the removal of some Russian banks. The cooperative was awaiting “details” on the relevant “entities.” SWIFT is nominally neutral, but if you were curious as to whether it has any discretion when it comes to complying, the answer is no. It made that clear in an email to the press. It will enact the measures “upon legal instruction.”

Given the possibility of a slow bank run, and considering the international backlash against Putin’s Russia, we should be cognizant of the fact that this isn’t the fault of everyday Russians. No one should wish bank runs or hyperinflation on everyday people. As for the country’s oligarchy, one can’t help but wonder if (or when) they’ll tire of having their assets frozen and personal wealth diminished (on paper, anyway) for the sake of one man’s largely meaningless military misadventure. Putin needs two things to retain power: The military and the oligarchs. For now, both are still on board — for now.

Meanwhile, Germany has done a complete one-eighty. As late as Friday, it seemed Olaf Scholz was content to claim Berlin did its part by killing Nord Stream 2. “Not nothin’,” as the saying goes, but perhaps not as much as the country’s allies wanted. Fast forward to Sunday and, on the heels of the country’s about face on SWIFT and decision to break with precedent by permitting arms exports to Ukraine, Scholz said the Germans would sent 500 Stinger surface-to-air missiles and 1,000 anti-tank weapons to the Ukrainian army “as soon as possible.” He called Putin’s invasion a “threat [to] our entire postwar order.” It is Germany’s duty, he said, “to help Ukraine defend itself against Vladimir Putin’s invading army.”

During a speech in the Bundestag, Scholz went further. Germany will now divert more than $100 billion this year to modernize its military. Within two years, Berlin will spend at least 2% of GDP every year on defense. As Bloomberg wrote, in a poignant passage considering it emanated from a generally staid news outlet, “such a wide-ranging rethink from Scholz and his government came unexpectedly and prompted suggestions that Europe’s biggest economy may finally be ready to punch its weight in the international arena, discarding decades of reluctance linked to its role in the 20th century’s bloodiest conflicts.”

Recall that Putin made a veiled threat to use nuclear weapons in the event any nations intervened to help Ukraine. Well, the help is pouring in. Arms aplenty and loads of money. So far, no nukes, although Putin on Sunday put his country’s strategic nuclear forces on “higher alert,” citing “aggression” from NATO.

The Kremlin renewed an overture to send a delegation to Belarus to discuss a cease fire, something Volodymyr Zelenskiy (who continues to post social media videos from his besieged capital), declined, citing the location. He offered Moscow a long list of alternatives, including Budapest, Istanbul and Warsaw, before ultimately agreeing to talks on the Belarusian-Ukrainian border near the Pripyat River. A delegation departed immediately from Kyiv.

Russian airstrikes in Mariupol inadvertently killed 10 Greeks, something Athens wasn’t amused with. Lithuania’s Foreign Minister said the EU fully intends to keep adding sanctions until Russia finds itself “totally isolated” from the rest of humanity. Even the Swiss were contemplating sanctions. So far, Switzerland hasn’t frozen any assets, although they did put a moratorium on new accounts with sanctioned Russians.

Finally, Zelenskiy spoke with the UN Secretary General on the possibility of stripping Russia of its vote on the Security Council. He also called for an international tribunal. “This is terror,” he said. “This is the evil that has come to our land. It must be destroyed.”