How did buckwheat become gold dust? Russians in collapsing economy panic-buy Soviet-era staple amid national shortage... and take to social media to show off their prized hauls 

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The Russian economy is set to plunge deeper into the abyss, after a desperate interest rate hike failed to halt a slide in the value of the battered Russian rouble.

As a result of plummeting oil prices and Western sanctions over Ukraine, the entire Russian stock market is now worth less than the market value of Microsoft.

However, the Russians are concerned with a more pressing crisis: they are running out of buckwheat. 

Buckwheat and bling: A young Russian lady displays her wealth: furs, cash, jewels and buckwheat

Not my buckwheat! Two men in military uniforms pretend to cry over spilled buckwheat in the snow

My country, my buckwheat: This young pouting princess holds her buckwheat close to her heart

Buckwheat has been a Russian staple for centuries, and is used for everything from porridge to casseroles and baking.

The grain is particularly associated with the Soviet era, and buckwheat, or 'grechka' in Russian, is eaten across the country's timezones and social classes.

Following a poor annual harvest in Siberia, Russians are now bulk-buying buckwheat, and taking selfies proudly displaying their bounties. 

One young fur-clad lady has snapped herself flashing a wad of cash and a bowl of buckwheat, while another picture show two men in military uniforms pretending to cry over spilled buckwheat in the snow.

Others show young Russian women clutching buckwheat to their hearts, or filling a trolley to the brim with bags of the grain

But while the population worry about missing out on their favourite porridge, President Vladimir Putin has more pressing matters to attend to. 

Russian priorities: A poor buckwheat harvest has seen Russians across the country bulk-buy the grain amid the national economic crisis

Nation's favourite: Buckwheat is a Russian staple and is used for everything from porridge to baking bread

Clearing out: One lucky young lady has managed to get her hands on one remaining brand of buckwheat on an otherwise completely cleared out buckwheat shelf in a supermarket

Buckwheat before boyfriends: This ecstatic young lady got up-close-and-personal with her buckwheat bags

In the early hours of this morning, Putin's central bank ramped up interest rates from 10.5 per cent to 17 per cent in a desperate bid to save the battered rouble.

The currency has lost around half its value this year due to falling oil prices and the impact of Western sanctions on Moscow over the annexation of Crimea and 'destabilisation' of eastern Ukraine.

While there are few overt signs of panic, the 1am move from Putin's central bank showed the level of concern in the Kremlin.

The rouble initially rallied but slumped again as the move produced mixed results. 

News agency RBK forlornly compared the entire Russian stock market capitalisation at the close on 14 December at $384.9 billion with the Microsoft Corporation at $386.6 billion and Apple at $643.9 billion.

It warned of a risk of falling below Google - at $352.7 billion

Russians have seen a marked rise in prices of essentials in recent weeks as inflation bites, and today there was a warning of another 15 per cent rise in early 2015.

The Bank of Russia said today's hike was 'aimed at limiting substantially increased rouble depreciation risks and inflation risks'.

And as if the buckwheat shortage was not enough, Russians may find an increase in prices across the foodgroups. 

'Foodstuffs will be getting more expensive simultaneously in the luxury and economy chains,' warned Andrei Karpov, the executive director of the AKORT association of retail traders.

'The price rises will embrace imported foods and Russian produce in an equal measure.' 

There is now 'a growing sense that the currency crisis is spiralling out of control' and increasing speculation that government could undertake stricter measures like capital controls, warned Neil Shearing, chief emerging markets economist at London-based Capital Economics.

'In the absence of an improvement in relations with the West and a lifting of the economic and financial sanctions on Russia, the appeal of capital controls and external debt default will grow.'