The Kommersant newspaper in Russia has reported that Japanese television manufacturers are pulling out of the Russian market due to falling sales. 

Toshiba pulled out of the market in December as a result of tough competition, largely down to the weak value of the ruble. Sharp are the latest company to leave citing similar reasons.

Panasonic, who, according to the newspaper had recently only held a 2% share in the market, has seen it fall to almost zero, and are expected to pull out of Russia entirely as a result.

Television sales in Russia fell 47% last year compared to 2014. Russians are holding back on consumer spending due to falling real wages caused by the economic downturn.

South Korean manufacturers dominate the Russian television market, with LG taking 29% last year. Samsung sales come second in the country.

LG have maintained their market share by selling older and cheaper models according to the report in Kommersant.

The euro is currently trading at 83 to the euro, far higher than it has traditionally traded over the last decade.