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Apple forced to stop online sales in Russia as currency falls apart

Written by Andre Yoskowitz (Google+) @ 16 Dec 2014 23:55 User comments (3)

Apple forced to stop online sales in Russia as currency falls apart Apple has stopped online sales of its products in Russia today citing the "extreme" depreciation of the Russian national currency, the ruble.
Russia's currency has been decimated in the past few months, and fell as much as 19 percent today against the US Dollar, falling to as low as 80 ruble per USD, before settling at 67.

"Our online store in Russia is currently unavailable while we review pricing," said Apple in a curt statement. "We apologize to customers for any inconvenience."

The ruble had traded at about 20 ruble per dollar for the better part of the last five years.

Last month, as the collapse of the ruble was gaining steam, Apple raised the price of its iPhones by 25 percent to protect themselves, but the depreciation has gotten too steep now.

Source:
Bloomberg

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3 user comments

117.12.2014 10:19

I was reading how Saudi Arabia was dumping oil prices purposely to have a negative effect on Russia, Iran, and Iraq (because their economies are largely based on sale of their own oil).

Looks like it's working.

217.12.2014 12:55

Meet the new currency: "rubbles"

318.12.2014 12:05

at one point recently Putin was the darling of the media. He was touted as the most important man in the world. Lets see how many lists he makes now with the failure of the Russian economy under his leadership.


jimmurray1946

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