The plummeting value of the rouble has led to tech giant Apple halting online sales of products to Russia and closing its Russian website.
Apple had already last month upped its Russian prices by 25 per cent to try and bring prices in line with some other European regions.
The rouble has lost over 20 per cent of its value this week, and an attempt from Vladimir Putin’s government to stabilise the currency by ramping up interest rates from 10.5 per cent to 17 per cent – the second increase in as many weeks – has had no effect.
Russia’s central bank earlier this week spent around $2bn in the currency market to try and prop up the rouble’s value. Its populace is facing near daily price hikes of a range of essential products, leading to instances of panic buying across the country.
The falling price of oil and Western sanctions imposed I the wake of the Ukraine crisis have been blamed for the slump.