Ruble woes prompt Apple to close its online store in Russia

Online sales of Apple products were halted on Tuesday over the volatile ruble. “Due to extreme fluctuations in the value of the ruble, our online store in Russia is currently unavailable while we review pricing. We apologize to customers for any inconvenience,” the tech giant said in a statement. It’s unclear of how long it will take to adjust the prices. Initially flat, Apple shares declined more than 1 percent after the announcement.

Apple Inc.halted online sales of its products in Russia due to “extreme” ruble fluctuations, showing how the currency’s swings are rippling out to international businesses. The iPhone and iPad maker stopped sales from its Web store as Russia’s currency lost as much as 19 percent today, with a surprise interest-rate increase failing to stem a run on the currency. The ruble briefly sank beyond 80 per dollar, and bonds and stocks also tumbled, with the RTS equity gauge dropping the most since 2008. “Our online store in Russia is currently unavailable while we review pricing,” Alan Hely, a spokesman for the Cupertino, California-based company, wrote in an e-mailed statement today. “We apologize to customers for any inconvenience.”