The “extreme” fluctuations of the ruble has lead to Apple’s halting of online sales in Russia. Apple has been scrambling to deal with the swings in the ruble’s value. Last month, the company increased the price of the iPhone 6 by 25% in the country.
“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 lost as much as 19% of is value today, with a surprise interest-rate increase failing to stem the run on the currency.
The Moscow selloff is spreading globally, as nervous investors pulled money from other developing nations due to fears that Russia’s financial struggles and tumbling oil prices indicate a possible economic slowdown.