financetom
Business
financetom
/
Business
/
Russians unfazed by higher prices as iPhone pre-order demand soars
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Russians unfazed by higher prices as iPhone pre-order demand soars
Oct 2, 2024 9:30 PM

MOSCOW (Reuters) - Pre-order demand in Russia for the new iPhone is 15% higher than for its predecessor, one reseller told Reuters on Friday, even though it is at least 50% more expensive than in the West.

Russia legalised so-called "grey" or "parallel" imports to allow goods to enter the country without the brands' permission after Western companies such as iPhone maker Apple ( AAPL ) imposed export bans in 2022 in response to the war in Ukraine.

Lyudmila Semushina, a spokesperson for electronics retailer restore:, said the iPhones going on sale this month had arrived in Russia from "all over", without naming specific countries.

Countries that have not imposed sanctions against Moscow, such as Turkey, China, India, Kazakhstan and other former Soviet states, have seen sharp increases in trade with Russia since the conflict began.

"Comparing with last year's pre-order, (demand) is 15% higher than pre-orders were for the iPhone 15," Semushina said.

Apple ( AAPL ) did not immediately respond to a request for comment on sales and pricing of the new model in Russia.

Pre-orders were launched on Sept. 10 and physical sales are expected to start next week, retailers said, though Russians will have to stomach higher prices.

Electronics retailer M.Video said prices would start at 112,999 roubles ($1,225) for the 128GB iPhone 16, over $400 more expensive than the U.S. price of $799. The 1TB iPhone Pro Max was available for pre-order in Russia for 249,999 roubles ($2,710), compared to the U.S. price of $1,599.

When big brands left Russia and the switch was made to parallel imports, Semushina said her company stopped making official calculations on the premium Russian consumers pay.

"There is an official retailer's price, there are prices of grey sellers - those who bring their hardware in suitcases - so prices may vary," she said.

She said the company had not had any contact with Apple ( AAPL ) since the conflict began. Apart from suspending all product sales in Russia in March 2022, the tech giant has also halted services like ApplePay.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Southern Copper eyes steady production in Peru, bets big on new projects
Southern Copper eyes steady production in Peru, bets big on new projects
Sep 23, 2025
LIMA, Sept 23 (Reuters) - Southern Copper ( SCCO ) expects its copper production in Peru to hold steady this year as it invests $800 million in projects, its chief financial officer told Reuters. Peru is the world's third-largest copper producer and Southern Copper Peru, owned by Grupo Mexico, is the country's second-biggest, producing 414,000 metric tons in 2024. This...
European Commission Clears Acquisition of DHL Parcel UK, EVRi by Apollo Capital Management, Deutsche Post
European Commission Clears Acquisition of DHL Parcel UK, EVRi by Apollo Capital Management, Deutsche Post
Sep 23, 2025
07:41 AM EDT, 09/23/2025 (MT Newswires) -- The European Commission said Tuesday that it has approved the acquisition of joint control of DHL Parcel UK and EVRi, both based in the UK, by Apollo Capital Management of the US and DHL eCommerce International Holdings of the Netherlands, part of the Deutsche Post group of Germany. The Commission said the notified...
Morningstar to Acquire the Center for Research in Security Prices for $375 Million
Morningstar to Acquire the Center for Research in Security Prices for $375 Million
Sep 23, 2025
07:42 AM EDT, 09/23/2025 (MT Newswires) -- Morningstar ( MORN ) said Tuesday it has entered an agreement to acquire the Center for Research in Security Prices from the University of Chicago for $375 million. The company said it will also acquire the CRSP Market Indexes as part of the transaction, which is expected to close in Q4. ...
Main Street Capital Invests $14 Million in Recapitalization of Financial Risk Group
Main Street Capital Invests $14 Million in Recapitalization of Financial Risk Group
Sep 23, 2025
07:40 AM EDT, 09/23/2025 (MT Newswires) -- Main Street Capital ( MAIN ) said Tuesday that it recently made a $14 million portfolio investment through a mix of debt and equity for the minority recapitalization of The Financial Risk Group. The company said it partnered with The Financial Risk Group's founders and management to facilitate the transaction, which included first...
Copyright 2023-2026 - www.financetom.com All Rights Reserved