Apple pauses sales in Russia and stops all exports

https://www.npr.org/2022/03/01/ [login to see] /apple-russia-pauses-sales-stops-exports
Apple has paused the sale of iPhones and all other products inside Russia and will stop exports into the country in response to the invasion of Ukraine, the company announced on Tuesday.

The move represents the most dramatic action a Big Tech company has taken to economically squeeze Russia. It comes as governments in the U.S. and Europe along with a growing list of companies, including ExxonMobil and Volkswagen, have acted to isolate Russia as it escalates its conflict in Ukraine.

"It's shocking. I did not expect Apple to take this step," said analyst Gene Munster of investment firm Loup Ventures.

Munster estimates that Russia represents only about 2% of Apple's global revenue. Still, that is more than $7 billion in sales for the company that has annual global revenue exceeding $365 billion.

"It's pretty unheard of for a company to stop selling its products, especially Apple, which is not one to weigh into political affairs," Munster said.

In addition to halting the sale of all Apple products inside of Russia, the company's popular payment service, Apple Pay, is being limited in the country, according to a company spokesman.