With the value of the ruble falling, many Russians have tried to protect their savings by investing them in new Ikea kitchens. The demand has been such that the company has temporarily suspended the sale of all kitchen furniture and appliances, according to a Reuters report.
Plunging crude oil prices and sanctions brought on by the crisis in Ukraine have been blamed for the ruble's nosedive, which has also seen companies like Jaguar Land Rover halting sales, as Russians rush to invest in durable imported goods before prices rise. Companies like Apple and McDonalds have hiked prices to shore up the value of their sales. Ikea previously announced it would do the same.
Flat-pack Swedish furniture: the only thing you can really hold on to in this world?
· IKEA says suspends sales of kitchen appliances in Russia [Reuters]