Russian luxury market weakens considerably

Moscow's GUM shopping mall

The price of the Russian rumble fell sharply against the American dollar on Monday as President Obama announced further sanctions against Russia. Luxury business in Russia is costly these days. A weakened Russian currency combined with low oil prices adds to the pain of business owners in Russia who have seen retail traffic cut in half. Luxury goods prices seem to have doubled overnight for those whose salaries come in rumbles. 

Thomaï Serdari for .

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