Apple has slashed the prices of iPhones sold through its online store by up to 10 percent as the Russian ruble strengthens.
An iPhone 6 smartphone with a memory of 16 gigabytes now costs 48,990 rubles ($945) on the online store, down from 53,990 rubles ($1042) previously. The price still far exceeds the U.S. retail price of $649 for the phone, Apple's latest model.
Last year the U.S. tech giant raised iPhone prices by as much as 70 percent to protect its margins from the ruble's rapid devaluation.
The ruble fell about 40 percent against the U.S. dollar last year as the price of oil plummeted and Western sanctions over the Ukraine crisis choked off investment flows into Russia.
The ruble has recovered some ground in recent months, rising nearly 35 percent against the dollar since the beginning of February thanks to a stabilization in oil prices and a peace deal holding in eastern Ukraine.
Still, Apple's price adjustment may prove temporary. Many experts see the ruble weakening in the coming months, with analysts at Raiffeisenbank projecting that the currency will drop 20 percent to the dollar by June.
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.
