From DailyTech: Bloomberg News is reporting that Apple, Inc. (AAPL) has halted sales in Russia, once one of its most promising growth markets. The move is the latest indication that Russia's economy is in dire trouble.
Apple has been operating in Russia since 2007, according a 2012 report from Russian state news agency, RT. After exploring expanding into a brick and mortar presence in Russia last year, Apple held off instead opting to open an only storefront, offering direct sales to Russian customers.
Now it's fled the Russian market, amidst Russia's worst economic crisis of the post-Soviet era.
Now with oil trading at under $60 USD per barrel -- nearly half as much as it was worth less than half a year ago -- Russian is plunging deep into the red. The value of the Ruble, Russia's state currency, has plunged. Today rubles are worth less than half as much versus America's dollar as they were twelve months ago. In July-Sept. alone, the currency fell 14 percent in value against the dollar -- the worst fall the currency has seen in a quarter since 1999.
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