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Apple Halts Online Sales In Russia Due To Wild Ruble

Apple Halts Online Sales In Russia Due To Wild Ruble

Apple reacts to Russian currency de-stabilization by halting the sales of its products after the Ruble fell and the Russian Central Bank raised interest rates.


Apple announced the halt on Tuesday after Russia’s central bank raised interest rates, a major step in an attempt to stabilize its currency, the Ruble.

The move by the Central Bank has done little to stop the currency’s dramatic fall againsed the dollar, something that seems to have come from closed communication on the Ukraine crisis and European sanctions.

Apple had attempted to offset the swings in the Ruble by raising prices for Russian online shoppers. The company raised the price on the iPhone 6 by 25% recently, Bloomberg reports.

 

The ruble has lost almost 28% of its value versus the U.S. dollar in the past month

The ruble has lost almost 28% of its value versus the U.S. dollar in the past month

 

Currency movements can have a major impact on companies that earn money in a variety of different markets.

The ruble has lost almost 28% of its value versus the U.S. dollar in the past month, as falling oil prices and international sanctions have hammered the Russian economy.



 

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