YEREVAN. – The devaluation of the Russian ruble has caused major difficulties in Armenian wine exports to Russia.   

“Armenia Wine” Factory company co-owner Vahagn Mkrtchyan told about the aforesaid to Armenian News-NEWS.am.

In his words, as a result of the depreciating ruble, the market found itself in a chain of cause and effect since the latter half of this year. The consumer purchasing power reduced in Russia and, subsequently, the orders from Armenia dropped; and this means that the grape orders from Armenia’s farmers likewise may reduce.

“We currently have exported solely 50 percent of the originally planned amount to Russia,” Mkrtchyan noted. 

Nonetheless, as per the winemaker, the overall export of the company has increased by around 50 percent. 

To note, however, the exports to Russia account for almost 70 percent of the total Armenian wine exports.