The recent release of Apple's iPhone 16 has brought Russian buyers to Hong Kong, where they are purchasing the latest models directly from locals.
Due to Apple’s decision to halt sales in Russia after the 2022 invasion of Ukraine, Russians have been facing limited access to new Apple products domestically.
Sanctions and Apple’s withdrawal mean iPhones are hard to find in Russia and can cost up to 70% more than international prices.
To bypass these challenges, Russian buyers, like Nick Alexenkov, have travelled to Hong Kong and other locations to buy iPhones, offering locals up to 12% above retail to acquire the devices.
With Hong Kong’s lack of sales tax, the city has become a popular destination for these transactions. The buyers aim to resell the phones in Russia, where the high-end models are in demand among affluent consumers.
A 1-terabyte iPhone 16 Pro Max, purchased in Hong Kong for around $2,000, can sell for as much as 254,000 rubles ($2,742) on Russian platforms like Avito, creating profitable margins for these parallel traders.
This situation highlights how sanctions and company withdrawals from Russia have reshaped the market, fuelling a network of gray-market imports where entrepreneurial individuals and major retailers alike find ways to supply coveted foreign products despite official restrictions.
Source:
CNN
