Russian Wine Imports Plummet by 33%, Tariff Policy Affects Market Dynamics
In the first 10 months of 2024, Russian wine imports plummeted by 33%, mainly due to the imposition of tariffs on “hostile countries”. The Russian government plans to increase tariffs from 25% to 50% to support the local industry. At the same time, Russian wine exports increased by 20%, and Georgias market position rose. The tariff policy affects global trade, and wine-producing countries need to adjust their strategies.