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Multinational alcohol beverage producers Beam Suntory and Edrington will sell their joint venture, Maxxium Russia, and exit the Russian market, the company said in a statement on its website published earlier this week.

Retailers have been forced to sell devices at discounts due to supply surge linked to parallel importation, media are reporting Prices for iPhones in Russia have plunged by six to ten percent at large retail chains due to a market glut that followed increased supplies of Apple products through parallel imports, media reported on Tuesday.