Apple stops online sales in Russia due to unstable ruble

WATCH ABOVE: The Russian ruble has lost more than fifty percent of its value this year and consumers are feeling the consequences. A massive interest hike by the Russian Central Bank on Tuesday didn’t help either. But President Vladimir Putin remains popular. Susan McGinnis reports.

CUPERTINO, Calif. – 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 per cent 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 per cent 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.