New Russian Wine Law sinks Russian bulk imports

Russia reduced its bulk wine imports by 55% in the first half of 2020 and by almost 90% in June, the month this new law came into force, the objective of which is to protect local production (despite the fact that, according to operators, it is insufficient to cover national consumption). Spanish bulk fell by 70% in the semester and more than 95% in May and June Spain, the leading bulk supplier, recorded losses in this category of 70% in the semester, and almost 100% in the months of May and June . For the group of wines, Spain lost 44% of its sales to Russia, although it repeated as the first supplier, at skyrocketing prices that softened its fall in value. The entry into force of the new Law on Viticulture of the Russian Federation limits the classification of "wine" to products that are distributed as a result of bulk imports. As importers and distributors feared, it has led to a decrease in wine consumption in Russia and an increase in its prices, since there are no local ...