Apple halts online sales in Russia due to currency fluctuations
According to a report in Bloomberg, Apple has halted online sales in Russia. Extreme fluctuations of the local currency are the reason for the drastic measure.
The nose dive of the Russian ruble, coupled with the massive interest rate increase by the central bank in the country have caused the Cupertino giant to review its pricing. In an email today, Apple spokesperson apologized to customers in Russia for any inconvenience.
Analysts find Apple’s decision to pull back from Russia for the moment as a wise move. All sales the company realizes will need to be converted in dollars and euros, so a depressed rate will significantly hurt its bottom line.