Russia’s economy is not very certain right now. There are several reports about wild fluctuations in the Ruble and then there is also uncertainty regarding Ukraine. There are other factors too. So citizens are attempting to move their existing funds to something more stable. Imported goods are also affected, since this instability is causing some businesses to be more cautious. Some companies may choose not to be a part of it at all. Like Apple is doing.
Apple has stopped online sales in Russia due to “extreme” fluctuations in the Ruble. The company is currently in a holding pattern as they review their Russian store. So iPhones may get scarce in Russia, at least for a time.
Apple is reviewing the pricing. They had previously hedged their bets by padding iPhone pricing by 25%, according to Bloomberg, which seems wise under the circumstances. But now the Ruble has seen larger peaks and valleys, with reports of the value plummeting more than 80 to the dollar, and 100 to the euro.
In an attempt to bolster the Ruble, the Russian Central Bank hiked interest rates from 10.5% to 17%. That seems to have worked for the moment and helped to stabilize the market a bit. For the moment, Apple products are not available in Russia.
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