Apple Inc Increases iPhone Price In Russia By 35 Percent
Apple Inc has raised the selling price of iPhone in Russia by 35 percent. The company had to suspend the online sales after the fall in Russian ruble last week. The Russian ruble is down 57.1%.
The 35 percent hike in the price of iPhone follows another hike of 25 percent in November. The hike in price is not just limited to Apple's hardware, as prices of Apple apps were also increased by as much as 100%.
The iPhone 6, 16GB model would cost 53,990 rubles or $956 at current exchange rate. Before suspending the sales, the device was available for 39,990 rubles.
The ruble has lost around 30 percent against dollar this quarter as a result of falling oil prices and economic sanctions against Russia. Other global consumer brands like Samsung Electronics Co. has also hiked prices in Russia.
This year alone, the price of U.S. dollar in Russia has risen more than 70 percent - 32.9 rubles in January to more than 56 rubles in December.
Apple Inc doesn't have a brick-and-mortar store in Russia. The nearest ones are located in Germany, Sweden or Turkey.
According to IDC, the Cupertino based company has garnered $1.32 billion of revenues by selling iPhones in Russia in the first nine months of calendar year 2014, while Samsung managed to earn $1.19 billion.
