The value of the ruble has devalued by more than half in the past year.
Apple just stopped selling iPhones. But has Louis Vuitton stopped selling handbags?
My Russian source sent me an email to give me some context:
"1 year ago we had $1 = 32 Rubles, now $1 = 70 Rubles. Everybody expects it'll be worse after new year. I believe nothing will collapse :) But it will be definably a crisis, may be some companies will be bankrupts, because they have loans in USD and Revenue in Rubles. We had almost the same in 1998. Actually, you can buy a lot of things much cheaper now. For example, $4 = 280 Rubles, it's a cost of entire lunch (soup, drink, main dish); McDonalds Cheeseburger is about 50 Rubles, which is less than $1."
Who's booking? Shall we do a group rate?
Thanks, Elena!
Best,
Christine
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