YEREVAN. – Armenia’s accession to Customs Union may worsen financial situation for the Armenian winemakers, said president of winemakers’ union.

Avag Harutyunyan, president of Armenian Winemakers’ Union, said previously trade partners in Russia, not Armenian wineries, cared about the return of VAT and excise duty of the sold goods.

“Now the local producer will have to take care of the issues themselves, but it is more difficult for Armenian producers to control Russian trade. And the business climate there is similar to ours. Therefore, there is a fear that the timing of the return may be delayed for 2-3 months. During this period, 20-30% of working capital will disappear,” he said.