Apple (NASDAQ: AAPL) has joined a growing number of businesses cutting ties with Russia due to the country's invasion of Ukraine. The tech giant announced on March 1 that it would be taking a number of actions "in response to the invasion", including pausing all sales of Apple products in Russia.
"We have paused all product sales in Russia," an Apple spokesperson told CNBC. "Last week, we stopped all exports into our sales channel in the country. Apple Pay and other services have been limited. RT News and Sputnik News are no longer available for download from the App Store outside Russia. And we have disabled both traffic and live incidents in Apple Maps in Ukraine as a safety and precautionary measure for Ukrainian citizens."
When accessed in Russia, Apple's online store currently shows that all items are "unavailable" for purchase or delivery, but the App Store is still accessible. The company doesn't operate any physical stores in the country.
"We are deeply concerned about the Russian invasion of Ukraine and stand with all of the people who are suffering as a result of the violence," the company wrote in a statement. "We are supporting humanitarian efforts, providing aid for the unfolding refugee crisis, and doing all we can to support our teams in the region."
Due to its size and position as "one of the most valuable companies in the world", Apple's decision is likely to put pressure on other cell companies to stop working in Russia, according to CCS Insight Chief analyst Ben Wood.
According to Wood, Apple can afford to lose its Russian sales: while Apple devices account for around 15% of the smartphone market in Russia, the country doesn't make up a significant portion of Apple's market. However, Wood says that Russian purchases do account for a significant portion of sales for many of Apple's competitors.
"It is important that they've made a statement. They're leading from the front on it," Wood told CNBC. "Their business is so big that it's very resilient. For them to lose that revenue is not going to have a catastrophic impact on the business."
On the other hand, analysts pointed to Apple's continued business with China as a sign that the company doesn't always stand by its principles when it comes to who it's willing to work with, adding that China accounts for 20% of Apple's revenue.
As businesses based around the world leave Russia, Chinese companies have stayed. Wood says this "could be an opportunity" for Chinese interests to gain ground in Russia.