Russian buyers fled to Apple and IKEA stores on Wednesday to try to buy big-ticket items in hopes of getting lower prices before the stores raised prices after a huge drop in the value of the ruble. The Russian currency dropped 15 percent in just two days, leading to fears of a bank run, and the government is looking for ways to ease the selling pressure on the ruble. Amidst this time many citizens bought home appliances and cars, with big companies like IKEA and Apple having put out notices that prices would increase Thursday. This resulted in weekend-like crowds on Wednesday afternoon. The tech company increased prices 20 percent last month to try to make up for the tanking rubble; on Wednesday, the Russian Apple website stopped sales and a notice said Apple was “reviewing pricing.”
According to one Russian woman who granted an interview, the current “jitters” surrounding the economy reminded her of when the ruble dropped in 1998 following the government’s default on sovereign bonds. This makes people want to rush to the bank to withdraw all money from bank accounts, so things won’t be as bad now as they were then.
