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iPhone 5 on sale in Russia's gray market for $3,700, report says

Apple's iPhone 5 is currently priced as high as 115,000 rubles (about $3,700) in Russia's gray market.

Apple's iPhone 5.
Apple's iPhone 5.
James Martin/CNET

Apple's iPhone 5 won't be going on sale in Russia anytime soon, but that doesn't mean the country's gray market won't be hawking it.

According to Bloomberg, Web stores in Russia are currently pricing the iPhone 5 as high as 115,000 rubles (about $3,700). Customers who purchase the device at that price will be able to get their hands on the smartphone shortly after its September 21 launch date in the U.S. and other countries.

The 115,000 rubles for the iPhone 5 is a far cry from the current Russian price on the iPhone 4S. According to Bloomberg, the 64GB version is available for only 39,990 rubles.

Apple announced the iPhone 5 yesterday. The device comes with a 4-inch display, 4G LTE service, and an improved camera, among other enhancements. The device is launching in nine countries on September 21 and will be followed up by 22 more countries on September 28. By December, Apple hopes to have it available in 100 countries, making it the fastest iPhone rollout in its history.

The problem for Russian consumers is that their country isn't included in the first two launch cycles. And although it's possible Russia might get the iPhone in October or November, that's apparently too long a wait for some.

So, for those desperate to have the iPhone 5, paying a significant premium might actually be an option.