The collapse of the ruble has forced companies operating in Russia to undertake extreme measures in an effort to remain profitable as the cost of imports skyrockets. And Russians have responded by panic-buying.
Fear over price hikes has sent demand for foreign goods surging as customers try to buy goods before the stores have a chance to raise the cost further. This has led to scenes not seen in the country since the late 1990s as people queued for hours just to get into some shops.
Even large multinational companies have had to take drastic action. Well-known brands such as Apple and IKEA have had to suspend sales and increased prices over recent weeks as they struggle to keep up with the falling value of the currency, while car companies including General Motors, Jaguar, Land Rover, and Audi have all suspended shipments to the country.
Russian shoppers trying to get onto the homepage of the Apple Store over recent days have been met with a "currently unavailable" sign:
The suspension came after the company raised the price of an iPhone 6 by around 25% to 39,990 rubles in an effort to offset the currency falls.
Meanwhile, those looking to do some Christmas shopping at IKEA this week were also disappointed. An attempt to increase prices forced sales of kitchen furniture and appliances on the Swedish retailer's website to be suspended until Dec. 20 "due to a large number of customers orders".
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