By Naina Bajekal
December 17, 2014

Apple halted online sales of its iPhones, iPads and other products in Russia after this week’s “extreme” ruble fluctuations. The Russian currency lost over 20% this week and bonds and stocks also tumbled.

“Our online store in Russia is currently unavailable while we review pricing,” wrote Alan Hely, an Apple spokesman, in an email to Bloomberg.

Apple had earlier tried to deal with the fluctuations by increasing its prices in Russia by about 25%. Apple doesn’t have any of its own stores in the country, so the online store is its main outlet for Russian consumers. But now with the ruble’s value at an all-time low, Apple believes the currency is too volatile to set prices.

[Bloomberg]

Read more: Putin watches Russian economy collapse along with his empire

Write to Naina Bajekal at naina.bajekal@time.com.

SPONSORED FINANCIAL CONTENT

Read More From TIME

EDIT POST