ABC News(MOSCOW) — Apple has temporarily closed its online store in Russia, citing “extreme fluctuations in the value of the [ruble]” for the decision.
The Russian currency fell abruptly Tuesday, part of a year-long decline, despite action taken by the Russian central bank to attempt to stem the tide. On Dec. 16, 2013, 32.90 rubles was worth about one dollar, according to S&P Capital IQ. On Tuesday, that figure was closer to 72 rubles per dollar.
Apple released a statement Tuesday, saying that “due to extreme fluctuations in the value of the [ruble], our online store in Russia is currently unavailable while we review pricing.” Apple did apologize for the inconvenience.
Russia’s central bank raised its benchmark interest rate to try to slow the ruble’s slide, but to no avail.
Analysts attribute the ruble’s freefall to a number of factors, including a decline in oil prices, which is one of Russia’s top commodities.
Briefly, anyone trying to access Apple’s online store for Russia received an error message, which said that the company was “updating the Apple Store for you and will be back soon.” Later on Tuesday, the website was restored, while the purchase page brought up the same error message.
Apple’s Russian website is “updating” … price hike coming after ruble’s fall? pic.twitter.com/h2hNJw3fgR
— Kirit Radia (@KiritRadia) December 16, 2014
Read More →
Copyright 2014 ABC News Radio