In Soviet Russia a smuggled iPhone 5 sell for as much as $3,700

If you thought the Chinese were ready to throw money on the iPhone 5, it is the Russians who take the cake. Apple does not have a store in Russia, and the company has not announced a release date for Russia yet. Taking advantage of the uncertainty and hype are entrepreneurs who get the iPhone into the country from somewhere and make big Roubles.

In Moscow, where Bentleys are so common that many owners simply curb park them, plenty of people are willing to plunk down some serious cash to be among the first in the country with the latest device. A 16 gigabyte iPhone 5 is going for around 70,000 rubles, or about $2,200. Other vendors are quoting prices up to $3,700. That’s several times what it will cost you in an Apple store in the United States, where an unlocked version retails for $649.

[Abcnews]