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Global Economy

Conflicts in the East: Russia's export market will soon be "weak as a bottle"

War in Ukraine, tightened sanctions against Russia – such prospects frighten many European economic players who are mainly active in Russia. This also applies, for example, to wine exporters from Portugal. They have found new markets in the East. No wonder the Portuguese are particularly well represented at Prodexpo, the largest food fair in Russia. Casimiro Alves, wine exporter: "Right now, Russia is our biggest market. It accounts for 30% of our foreign sales. We sell here several million bottles. If there are sanctions, it would hurt business."

At the trade fair in Moscow, the fear of new sanctions mixed with the joy about the currently good business with Dao, Vinho Verde or Albarinho, says Luís Mira, Secretary General of the Portuguese Farmers' Union (CAP): "The figures are very encouraging, Portugal is fifth country to export to Russia. That's impressive. For many companies, the first market is the Russian market."

Portugal is just behind France, Italy, Spain and Chile… In terms of current trade, none of the top wine exporters are ready to pop their corks. There is a risk of too much bitter taste in world politics.

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