Apple halts sales in Russia

For the time being, Apple has halted online sales of its popular iPhones, iPads and computers in Russia, as the ruble continues to fluctuate wildely.

The Cupertino, California-based technology giant said Tuesday the interruption was only related to Moscow's currency crisis, as the ruble had fallen more than 50 percent since January.

"Due to extreme fluctuations in the value of the ruble, our online store in Russia is currently unavailable while we review pricing," a company spokeswoman said. "We apologize to customers for any inconvenience.

In late November, Apple increased its prices in Russia by 20 percent without warning, after its products had suddenly become cheaper in the country than in Europe - something watchful customers noticed.

Spending spree

One paradoxical effect of Russia's currency crisis is the unleashing of a spending spree, causing a boom in some industries, as consumers hurry to stores to snap up expensive electronics, furniture and cars before prices skyrocket.

In general, Russians' spending power has declined with the ruble, but for those with savings, media reports like the popular Argumenty i Fakty advise consumers to hit the shops before prices surge, reflecting the new cost of imports.

Analysts said the tactic of going shopping when the economic situation gets tough distinguishes Russia from the West.

"In our country, when a crisis comes, it is accompanied by a steep loss of value of the national currency, and people abruptly start spending," said Igor Nikolaev, director of the FBK Strategic Analysis Institute. "And for a time, this softens the situation somewhat."

el/uhe (AFP, AP)