US handset and software behemoth Apple has been finding a safe and secure place in the Asian lands as for now; it is facing stoppage in its online sales due to dwindling Russia’s currency. Apple has mentioned that the major fluctuation in the valuation of the Ruble is the reason behind the halt of online sales.
The abrupt decline of the ruble, together with massive bulks in interest rate by the central bank, has compelled Apple to reconsider its policy. As all web-based shipments ultimately slip backed to the dollar and euro, Apple came to know that it could possibly find itself in a circumstance where product prices would variant on an hourly basis, and therefore could result in gigantic losses.
Analysts have confessed that Apple was given minimal options and that it was the best economic tactic to apply brakes to its sales until the currency stabilizes itself. Apple has officially informed its customers in Russia via email.
Russian financial indecisiveness comes at the back of huge slash in the crude oil prices – which accounts for half (50%) of the nation’s income. With such staggering cut down in oil prices, there is a potential threat that Russian government will not hit its proposed budgetary targets and be compelled to acquire costly overseas debts in order to cater its budgetary requirements.
Western sanctions against Russia due to intrusion on Ukrainian lands have also worsened the economic image of the country. A large number of Russian enterprises, including major trade banks, have been blacklisted from working with other companies and Russian massive assets in the West have been confiscated such as state of panic is going to increase the calamities and problems for the Cupertino based smartphone manufacturer.