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Apple has halted all online sales in Russia this morning, due to “extreme” fluctuations in the country’s ruble currency, reports Bloomberg. Spokesman Alan Hely told the outlet that the company has decided to shutter the store while it “reviews pricing,” and it “apologizes to customers for any inconvenience.”

The Russian economy has been in trouble for months, but things have gotten significantly worse in recent days due in large part to the falling price of oil and economic sanctions. The ruble has plummeted a staggering 19% within the last 24 hours—the worst single day drop for the currency in the last 16 years.

Apple closely monitors currencies, with Chief Financial Officer Luca Maestri telling analysts on Oct. 20 that while the strengthening U.S. dollar had little effect on the company’s results during the quarter that ended Sept. 27, it’s “becoming a significant headwind” in the current period.

“It’s a fact of life if the U.S. dollar strengthens, that creates a headwind for us both in revenue and margins for our business outside of the United States,” he said. “We have a comprehensive hedging program in place that mitigates the impact of foreign exchange. Over time, of course, these hedges roll off and get replaced by new hedges at new spot levels, and so the protection that you get from a hedging program is temporary.”

Russia sits in the top 5 largest cellphone-using countries in the world—alongside China, the US and India—but only half of those cellphones are smartphones, making it an extremely valuable market to Apple. Penetration has been fairly tough though, due to carriers fighting the subsidy model, and pricing issues.

Apple has been working to deal with the ruble fluctuations in other ways. In November, it increased the price of the iPhone 6 by 25% in Russia, where the smartphone line is already extremely expensive. In 2013, a report from Deutsche Bank pegged the price of the iPhone 5 (16GB) in Russia at nearly $4,000 USD.

[Bloomberg]

  • Robert A. Petersen

    В путинской России, мы должны картофель и водка, а не iPhone. Такова жизнь.

    • Marvin

      Why not in english ? :text above: In Putin’s Russia, we have potatoes and vodka, not iPhone. Such is life.

      • Robert A. Petersen

        Английский перевод слишком дорого. Рубль можно купить только аналоговый доступ в Интернет. Такова картофель.

      • Hooda

        Same shit again. Do you not understand most people don’t speak Russian. Unless you don’t speak English.
        Anyone : please translate if you speak both the languages.

      • Robert A. Petersen

        Вы должны говорить по-русски. Английский глупо язык капиталистического режима. Кроме того, вас кто-то контролируемое.

      • Vic O

        Translation: “You need to speak in Russian . English is used only American capitalist regime . In addition, all this is a joke”

      • Hooda

        Thankyou..

      • Dani Hayes

        Or you can just be tolerant.

      • Robert A. Petersen

        Exactly! Equal opportunity for those of us who chose to troll in Russian!

      • Gregg

        Too funny! Well played, sir! 🙂

      • Gregg

        Or, “Google Translate is your friend”

  • Fanboy 

    я люблю idownloadblog!

    • Robert A. Petersen

      Я тоже товарищ! Но где купить iPhone сейчас? Возможно, мы построим iPhone с помощью картофель и старые советские ракеты.

      • Hooda

        Love you Too. 🙂

  • jack

    kak dela chernozhopij

    • Roman

      Vse zajebis