Russia’s financial crisis continues to hit the alcohol industry hard, as wine prices are up by as much as 15 percent among some brands, exceeding winemakers’ bleak projections.
Russia is caught in an economic recession brought on by an unstable ruble, volatile oil prices, and the effects of a ban on many Western food imports. Its recession is predicted to continue until the end of 2016, according to the International Monetary Fund.
Leonid Popovich, spokesman for Russia’s winemakers’ trade union, told state news agency Itar-Tass that the union had originally projected the annual increase of wine prices would be between …read more
Source: Newsweek
