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Declining ruble rate poses problem for Italian export — expert

April 16, 23:41 UTC+3 ROME

"Introduction of an embargo on import of Italian wine to Russia or an increase of duties would inflict a significant damage to the industry," he said

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ROME, April 16. /TASS/. Italian exports to Russia will feel adverse consequences of the ruble rate decline, Denis Pantini, the global wine market monitoring expert of the Italian consultancy Nomisma, told TASS on Monday.

"Introduction of an embargo on import of Italian wine to Russia or an increase of duties would inflict a significant damage to the industry. However, even if restrictive measures do not affect Italy directly, our exports can already feel adverse consequences of sanctions introduced by the US against Russian companies, which led to the ruble rate drop. If the devaluation trend of the Russian national currency continues, this will be a serious challenge for Italy," the expert says.

"The ruble stability is critical for us," Pantini added.

On April 6, the US authorities imposed sanctions against a number of Russian officials, businessmen and companies. A bill on tit-for-tat sanctions against the US and other states was later introduced to the State Duma, the lower house of the Russian parliament.

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