Apple announced it's throwing in the towel in Russia as the country suffers a currency crisis. In the first two days of this week the ruble collapsed close to 20 percent this week, and is down more than 50 percent versus the dollar since the start of the year.
Russia was once one of Apple's most promising growth markets but the company had been hesitant to open its own brick and mortar shops in the country, opting to open an online storefront in 2013 instead of building its own network of stores.
Due to the extreme fluctuations in the ruble, Apple has now halted online sales in Russia. The store will be closed until Apple is finished reviewing its pricing policy for Russia.
But to American electronics companies Russia's malaise is merely more bad news. With residents of major Russian cities like Moscow buying up and hoarding electronics amidst the expectation of further devaluation of the Ruble, Apple may be the most high profile American corporation to abandon sales in the region (for now), but it is assuredly not alone.