Some of Moscow's upper-end shops remained closed on Wednesday (December 17) as personnel were removing luxury items from display and changing price tags after the ruble's record fall against the dollar and the euro.

Russia's national currency has plummeted almost 50 percent against the dollar this year, stirring memories of the 1998 crisis when the currency collapsed within a matter of days.

Luxury shops in central Moscow did not open 'for technical reasons' according to the signs put on the empty shop windows.