Apple halts Russian sales due to ruble’s ‘extreme’ fluctuations

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The iPhone 6s is selling like hotcakes.
Photo: Jim Merithew/Cult of Mac
Photo: Jim Merithew/Cult of Mac

Apple fans in Russia can no longer buy new iPhones or Macs, reports Bloomberg. The company has stopped all sales in the country due to ‘extreme’ Ruble fluctuations.

All Apple products were pulled temporarily from the online store in Russia this morning, and Apple’s not saying when they’ll be coming back.

“Our online store in Russia is currently unavailable while we review pricing,” Alan Hely, a spokesman for the Cupertino, California-based company, said today in an e-mailed statement. “We apologize to customers for any inconvenience.”

Russia’s currency has been highly volatile over the last few months. The Ruble lost as much as 19 percent of its value today alone, and is now valued below 80 per dollar.

Apple doesn’t have any phyiscal retail stores in Russia and only began offering its product online there last year. To respond to the ruble’s swinging value, Apple increased the price of the iPhone 6 by 25% in Russia, but if you visit the store now you’re greeted with a “We’ll be back” message.

Investors are worried that Russia’s financial struggles could pull in other developing nations to cause a global economic slowdown. During Apple’s last earnings call, CFO Luca Maestri told analysts the U.S. dollar’s growing value hasn’t had an effect on financial results yet, but it’s becoming a “becoming a significant headwind” going into the holiday sales season.

Source: Bloomberg