OREANDA-NEWS  Russian importers of European wines have warned of plans to sharply raise prices after the authorities' decision to significantly increase duties. This is reported by RBC with reference to market participants.

The increase in import duties from 12.5 percent to 20 percent on wine imports from so-called "unfriendly countries" will affect products from the largest producers from France, Italy and Spain. Against this background, Wine Discovery, a company engaged in retail sales of alcohol, notified customers in advance of an average price increase of 25 percent from August 1, 2023, that is, from the moment the decision on the increase in duties came into force, said Alexander Lipilin, the company's executive director. Another retailer, Fort companies, estimated the fork in the price of European wines on the Russian market in the range from 10 percent to 1.8 times. At the same time, the price change will be most noticeable in the category of budget wines due to the high dependence of the final retail price of such drinks on duties. At the same time, Ernest Khachaturian, Executive Director of the Luding Group, admitted that Russian wines may rise in price along with imported ones.

The government decree on the increase in duties was published on July 25. The increased fee will affect products worth at least one and a half dollars per liter. The corresponding restrictions will be in effect from August 1 until the end of 2023.