Russian currency situation critical - Apple freezes online sales

By : Administrator
Published 17th December 2014 |
Read latest comment - 19th December 2014

The Russian currency crisis isn't far from the headlines in recent history, especially with the incredible interest rates rise from 10.5% to 17%! 

Imagine that here? Be no shortage of repossessed homes on the market! Be great for savings though

The crisis has been brought about by economic sanctions over the Ukraine crisis as well as the falling price in crud oil.

But an interesting story on the Beeb is that Apple are suspending sales while the currency plummets in value, more than 20% this week! Apple raised it's prices by 20% last month, but has now decided it can't sell it's products under the current market conditions.

BBC News: Apple halting online sales in Russia

I wonder how many more businesses are having the same problem and imagine being a business based in Russia?

So sanctions combined with oil prices are certainly working as the government pumps billions of rouples into the economy trying to keep it afloat, but it makes you wonder if the Putin administration will manage to hold onto power?

It can't be a nice time to be living or working in Russia at the moment, and crisis like this tends to make the world a little more dangerous (if that's possible), as discontent and desperation take hold.

What does anyone think, will it be a return to the late 1990's when the Russian economy nearly collapsed? Could there be any repercussions for the rest of Europe or global markets?


Steve Richardson
Gaffer of My Local Services
My Local Services | Me on LinkedIn
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Looks like the crisis is now hitting car manufacturers. Renault and Nissan have stopped taking orders for some models, following General Motors, Audi and Jaguar Land Rover.

CEO for the Renault Nissan alliance said "When the rouble sinks it's a bloodbath for everybody. It's red ink, people are losing money, all car manufacturers are losing money,"

BBC News

Didn't know Renault and Nissan where in a partnership, and they also own Russian manufacturer Avtovaz, or Lada to me and you. So wonder how that will affect public opinion when locally produced vehicles are no longer taking orders?

I do wonder how it's going to end. It's not that long ago that Russian Troops based in Kosovo weren't getting paid and allegedly stealing chickens for food. A return to those days could spark internal discontent with the military or worse.


Steve Richardson
Gaffer of My Local Services
My Local Services | Me on LinkedIn

You want to see the state of Belarus because of this all.

And Russia has just had a falling out with Lukashenka too. There's a country that needs support right now.

In the UK, I think we sort of plod along, propped up by whatever, but when we feel a strain industry and money wise, it's a million times worse in the lesser lands, especially former soviet block states.

One of our neighbouring businesses deals with import / export to Russia. I feel for him so bad. He's getting greyer and thinner by the day.

My greatest fear is Russia has Nuclear weapons. And their planes keep flying in our direction, ditto their ships floating too close to us. Que the flashpoint, and a whole load of mess could pop up.


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