Technology giant Apple has stopped selling products online in Russia due to the economic instability caused by fluctuations in the rouble.

The Russian currency has lost 20% of its value against the dollar since the start of the week, smashing records for all-time lows on Monday and Tuesday.

Apple stopped sales of its iPhones, iPads and other products in the country when the currency went into free-fall.

Last month, the company increased its prices in Russia by 20% after the weakening rouble left products in the country cheaper than in the rest of Europe.

As Russians rushed out to spend their roubles before prices went up on imported televisions, washing machines and smartphones, Apple announced it was closing its online store.

"Due to extreme fluctuations in the value of the rouble, our online store in Russia is currently unavailable while we review pricing," the company said in a statement. Visitors to the site were greeted with the message "we'll be back" in several languages.