MOSCOW — Russian consumers flocked to the stores Wednesday, frantically buying a range of big-ticket items before prices soar due to the staggering fall in the value of the ruble in recent days.
Alyona Korsuntseva, a shopper at IKEA in her 30s, said the current jitters surrounding the Russian economy reminded her of the 1998 Russian crisis when the ruble tumbled following the government’s default on sovereign bonds.
Earlier this week, the ruble suffered catastrophic losses as traders continued to fret over the combined impact of low oil prices and Western sanctions over Russia’s involvement in Ukraine’s crisis.
[…] Deputy Finance Minister Alexei …read more
Source: San Francisco Chronicle
