 This increased the decline of RTS Index, up until 16 December, of nearly 30% during the month of December.In response to rising interest rates and bank runs, the interest rate on Russian three-month interbank loans rose to 28.3%, higher than at any point in the Great Recession of 2008.To get rid of the Russian rubles which were declining in value, many Russians chose to purchase durable goods, such as washing machines, televisions, furniture, and jewelry, and to change their pensions and savings from being in rubles to US dollars or euros.