FT News Briefing Panicked Russian consumers stock up on staples
Mar 21, 2022
Consumers in Russia are experiencing panic buying as prices soar and shelves empty, fueled by stringent sanctions. Germany has secured a long-term gas deal with Qatar, aiming to reduce reliance on Russian energy. Meanwhile, the EU is moving forward with new regulations targeting big tech companies, despite pushback from the industry. Additionally, a significant shortage of critical chip-making equipment is predicted, impacting the tech landscape for the next two years. These trends highlight the shifting dynamics in Europe amidst ongoing geopolitical tensions.
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Panic Buying in Russia
- Russians are panic buying staple goods like buckwheat, sunflower oil, and sugar.
- Videos on social media show people fighting over these items in supermarkets.
Shortages in Russia
- Items like iPhones and imported goods are becoming scarce in Russia due to sanctions and the corporate exodus.
- A Siberian coffee chain is shutting down due to rising import costs and supply chain disruptions.
Impact of Sanctions on Financial Transactions
- Visa, MasterCard, Apple Pay, and other international payment systems are no longer functioning in Russia.
- Russians are rushing to get UnionPay cards, causing a shortage of plastic for these cards.