Ukraine’s new anti-Russian sanctions to take effect on October 31World October 21, 21:22
Kremlin says Egypt’s rumored sale of Mistrals for $1 is ‘utter nonsense’Russian Politics & Diplomacy October 21, 21:13
Source: Mi-8 helicopter with 22 people onboard makes crash landing in YamalSociety & Culture October 21, 20:15
Source says 'Gray money' tax may cover up to 5 mln RussiansBusiness & Economy October 21, 20:07
UN Human Rights Council passes resolution on AleppoWorld October 21, 19:52
Russian Justice Ministry refuses to transfer jailed filmmaker to UkraineRussian Politics & Diplomacy October 21, 19:44
Brussels says Belgium’s position on Hassadjek village bombing remains unchangedWorld October 21, 19:30
Rosneft CEO reveals real meaning of oil price war, outlines Russia’s role in itBusiness & Economy October 21, 19:11
New sanctions against Russia will be an alibi, not constraining factor — Italy’s PMWorld October 21, 19:05
MOSCOW, January 30. /TASS/. Affiliates of Rusimport, a major Russian wine and tobacco importer, filed bankruptcy petitions to the Moscow Arbitration Court, the company spokesperson said on Friday.
"The complicated situation with importers is related to abrupt drop of ruble rate against dollar and euro in the fourth quarter of 2014. Our regional distributors are working in the ruble zone and currency risks do not affect them," Rusimport’s representative added.
The company is operating with respite and makes payments to suppliers and buyers at the rate on the day of payment, she said. Rusimport currently has to pay at a 77-80 ruble per euro rate for wines and liquors imported last summer at a 47 rubles per euro rate.
Banks are raising lending rates at the same time. "The company is unable to compensate its losses by raising prices because products are shipped to large retail chains, where price review can take 1.5-2 and even 3 months," the company spokesperson said.
She said Rusimport’s losses in 4Q 2014 were higher than profit in the several previous years. The company did not stop the import of wines and liquors but cut its volume by almost a half. Sales through distribution channels dropped by 50% year-on-year in January.
Rusimport has been operating in the Russian market for more than 20 years. In addition to the import of wines and liquors, the company is managing a wide distribution chain in more than 40 Russian cities.
TASS reported earlier that another major Russian wine and liquor importer Simple suspended shipment of products for a week in December because of ruble exchange rate fluctuations.