Apple Hikes iPhone Price in Russia 35% After Ruble Plunges

Second Increase in a Month

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Apple raised iPhone prices in Russia by 35%, its second increase in less than a month to account for the ruble's plunge against the U.S. dollar.

An iPhone 6 with 16 gigabytes of memory now costs 53,990 rubles ($956), Apple said today on its Russia website. The previous official price was 39,990 rubles, though Apple had halted online sales in Russia on Dec. 16, citing "extreme" ruble fluctuation.

The ruble has lost about 30% versus the dollar this quarter amid falling oil prices and economic sanctions against Russia, making the revenue Apple and other U.S. companies earn in the country worth less in dollars. Global consumer brands including Samsung Electronics and Cartier have also boosted Russia prices.

For Russians, the ruble's decline is making foreign goods from electronics and cars to food and clothing more expensive. The price of the U.S. dollar in Russia has risen more than 70% this year, from 32.9 rubles at the beginning of January to more than 56 rubles today.

Apple had raised prices in Russia by about 25% at the end of November. With the latest increase, the iPhone's price in rubles has risen 69% in less than a month.

The Cupertino, California-based company also increased an internal exchange rate in its Russian App Store last week, making basic applications cost 62 rubles versus 33 rubles previously, according to the Tass newswire.

~ Bloomberg News ~

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