Russians are scrambling to withdraw US dollars at ATMs as the ruble hits a record low on sweeping Western sanctions

The Russian ruble has fallen to a record low against the US dollar as Western sanctions hurt the economy.

The Russian ruble fell to as low as $119 against the dollar on Monday.

The plunge came after the European Commission said on Saturday that Western allies will slap restrictive measures on the Russian Central Bank. The measures will make it impossible for the Central bank to liquidate its assets.

Western countries have intensified their economic isolation of Russia.

The moves have spooked many Russians, who are withdrawing US dollars at more than a 30% premium over the market's close on Friday.

Vladimir, a 28-year-old programmer, said that foreign currency was gone everywhere after he stood in lines for an hour. He didn't give his last name.

Everyone has been running from ATM to ATM to get cash since Thursday. One St. Petersburg resident told the outlet that some are lucky and others not.

Russia's central bank said in a Sunday statement that it has the necessary resources and tools to maintain financial stability and ensure the operational continuity of the financial sector.

Sberbank said in a press release on Friday that it was operating as normal and that customers would be able to exchange their funds into foreign currencies.

The European Central Bank said on Monday that Sberbank Europe, a fully owned subsidiary of Sberbank Russia, is likely to fail due to deposit outflows.

The ruble is under pressure.

The West is freezing the Central Bank's reserves, which is the most important thing, according to former Russian prime minister Mikhail Kasyanov. The printing press will be turned on. Disaster for the economy is not far away.

Sberbank did not reply immediately.