Why Russians with wads of cash flock to Apple stores in this Asian hub
CNN
When the new iPhone 16 went on sale last month, locals couldn’t help but notice some less familiar faces flocking to Hong Kong’s Apple stores: Russians holding piles of cash.
When the new iPhone 16 went on sale, locals couldn’t help but notice some less familiar faces flocking to Hong Kong’s Apple stores: Russians holding piles of cash. As new shoppers walked out of stores with the latest models, eager Russian buyers closed in to seal the deal, offering to buy the new gizmos off them for as much as 12% more than retail prices. “We want to buy as many as possible,” one Russian buyer, Nick Alexenkov, told CNN outside the Apple store in Tsim Sha Tsui, a busy shopping district in Hong Kong. Moscow’s invasion of Ukraine is the primary reason why iPhones have become so expensive and hard to find in Russia. So Russians are often keen to snap up the handsets overseas. Apple has “paused” product sales and services in Russia since March 2022 after Russian President Vladimir Putin sent troops and tanks into Ukraine, kicking off Europe’s largest land conflict since World War II. Western countries also placed sanctions on technology exports to Moscow and multiple international brands pulled out of Russia in response to the invasion.
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