Business News

iPhone prices tumbling in Russia

Retailers have been forced to sell devices at discounts due to supply surge linked to parallel importation, media are reporting

©  Sputnik/Evgeny Odinokov

Prices for iPhones in have plunged by six to ten percent at large retail chains due to a market glut that followed increased supplies of Apple products through parallel imports, media reported on Tuesday.

The prices of some smartphones, depending on their modifications, have dropped by up to 10%, according to news outlet Izvestia.

Retailers have been forced to reduce prices due to overstocking, after numerous suppliers flooded the market with devices using a parallel import scheme and fueling competition, industry experts explained.

This applies not only to the iPhone, but also to other Apple products that are officially listed as “unavailable” for purchase or delivery in Russia.

Apple stopped selling iPhones and other products in Russia last March, joining the exodus of Western brands amid Ukraine-related sanctions.

READ MORE: Russian tycoons prepare takeover of Europe’s answer to Google – media

Russian retailers procure iconic gadgets from other countries via parallel imports, a practice by which a non-counterfeit product is imported without the permission of the intellectual property owner via alternative supply channels. Russia legalized the mechanism to provide the market with goods that Western companies stopped delivering or producing in Russia because of sanctions.

For more stories on economy & finance visit RT’s business section


Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button