Economics

Apple halts online sales in Russia

Technology giant Apple says it cannot sell products online in Russia because the rouble’s value is too volatile for it to set prices, the BBC reports.

The company stopped sales of its iPhones, iPads and other products in the country after a day in which the currency went into free-fall.

The rouble has lost more than 20% this week, despite a dramatic decision to raise interest rates from 10.5% to 17%.

Early on Wednesday, the rouble was down 5% with one dollar buying 71 roubles.

Its all time low, set on Wednesday, saw one dollar buying as many as 79 roubles.

Apple last month increased its prices in Russia by 20% after the weakening rouble left products in the country cheaper than in the rest of Europe.

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