Apple halts online sales in Russia due to wild ruble fluctuations

 By 
Jason Abbruzzese
 on 
Apple halts online sales in Russia due to wild ruble fluctuations
Russian President Vladimir Putin addresses delegates at the World Diamond Conference in New Delhi, India, Thursday, Dec. 11, 2014. Facing a stumbling economy at home and increasingly biting Western sanctions, Putin sought Thursday to strengthen his country's once-close relationship with India, offering an ambitious energy plan to help New Delhi build at least 12 new nuclear reactors. Credit: Saurabh Das

Recent economic instability in Russia and subsequent fluctuations in its currency have caused Apple to cease online sales in the country.

Apple announced the halt on Tuesday after Russia's central bank raised interest rates, a major step in an attempt to stabilize its currency, the ruble.

That move did little to pause the ruble's fall against the dollar.

Apple had attempted to offset the swings in the ruble by raising prices for Russian online shoppers. The company raised the price on the iPhone 6 by 25% recently, Bloomberg reports.

Currency movements can have a major impact on companies that earn money in a variety of different markets.

The ruble has lost almost 28% of its value versus the U.S. dollar in the past month, as falling oil prices and international sanctions have hammered the Russian economy.

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Credit: Google Finance

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