Citing Unstable Ruble, Apple Halts Sales in Russia - NBC New York
National & International News
The day’s top national and international news

Citing Unstable Ruble, Apple Halts Sales in Russia

    processing...

    NEWSLETTERS

    Citing Unstable Ruble, Apple Halts Sales in Russia
    Getty Images
    SAN FRANCISCO, CA - OCTOBER 14: An Apple Store customer looks at the new Apple iPhone 4Gs on October 14, 2011 in San Francisco, United States. The new iPhone 4Gs went on sale today and features a faster dual-core A5 chip, an 8MP camera that shoots 1080p HD video, and a voice assistant program. (Photo by Justin Sullivan/Getty Images)

    Apple has halted online sales of its iPhones, iPads and other products in Russia amid financial turmoil triggered by the steep decline in the country's currency.

    The ruble plunged by as much as 20 percent Tuesday, even after Russia's central bank increased interest rates sharply in an attempt to shore up the currency. The ruble's value has fallen by more than 60 percent since January. Its decline has coincided with a dramatic decrease in the price of oil, a pillar of Russia's economy.

    Cupertino, California-based Apple said Tuesday that the ruble's instability has made it too difficult to set its prices in Russia, prompting the closure of its online store there.