13 C
Auckland
Monday, May 27, 2024

Popular Now

NZ anti-Russia sanctions threaten wine supply

Wine news

NZ is one of Russia’s top ten wine suppliers and its Sauvignon Blanc variety is reportedly very popular among Russians.

New Zealand announced new trade restrictions against Russia on Tuesday, which include a ban on trade in luxury goods, in response to this week’s escalation of the conflict in Ukraine.

“The trade measures include a significant expansion of the range of exports of strategic importance prohibited to Russia and Belarus, and prohibiting certain luxury goods from being traded with Russia… like NZ wine and seafood and Russian vodka and caviar,” Foreign Minister Nanaya Mahuta said in a statement on the government website. The measures are to come into force on November 4. However, the details of the ban have not yet been revealed.

New Zealand wine is very popular with Russian consumers, with the country being among the top-ten suppliers of wine to Russia in 2021 and 2022, according to the Italian wine industry association Unione Italiana Vini. The most popular variety of New Zealand wine in Russia is Sauvignon Blanc, which makes up 90% of New Zealand’s wine exports to Russia, RBC news outlet reported, citing market insiders.

It is unclear whether New Zealand will introduce a total ban on wine supplies to Russia, like the US and Australia did earlier, or whether the ban would be partial and will only cover wines with price tags over a certain threshold, as is the case with the EU. Brussels earlier this year banned the supply of wine to Russia which costs over €300 per bottle.

However, according to trade experts, Russia may still be able to obtain New Zealand wine after sanctions come into force, for instance through third countries.

“Wine is bottled in New Zealand and then sold to some intermediary company… which has no ban on the supply, and the intermediary sells it to Russia,” a source in the wine market told the news outlet. Also, some of the wines under New Zealand brands are bottled in other countries – for example in South Africa, and may presumably be delivered from there.

Wellington’s new trade restrictions on Russia will also affect oil, gas and the supply of related production equipment. In addition, it has imposed sanctions against some 50 Russian businessmen and 24 officials associated with the former Ukrainian territories that joined Russia last week.

Image credit: Valeria Boltneva

Promoted Content

Source:RT News

No login required to comment. Name, email and web site fields are optional. Please keep comments respectful, civil and constructive. Moderation times can vary from a few minutes to a few hours. Comments may also be scanned periodically by Artificial Intelligence to eliminate trolls and spam.

7 COMMENTS

  1. I asked the expert “Baker” who promised me that cow farts can be collected and then by burning methane, we can produce sufficient CO2 and infuse it to make the best wine in the world in a “safe and effective” manner. ???????????? This cow fart infused wine will be loved by the Americans and all the wokes in the world and certainly will fetch a huge premium in the world market. ????????????????????????

    Faker claimed that there is nothing to worry and let us follow the science he argued and improve our wine exports. NZ is blessed with experts like Baker and politicians like Jacinda indeed.????✌????????

  2. Leviticus 25:4 But in the seventh year shall be a sabbath of rest unto the land, a sabbath for the LORD: thou shalt neither sow thy field, nor prune thy vineyard.
    Reason translocation to bring everything back into equilibrium
    Time these vineyards took a tumble

    • Excellent. Up there with the best comments I have seen on these ridiculous sanctions, which have only hurt us and given the Russian economy a huge boost. ????

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest

Trending

Sport

Daily Life

Opinion

Wellington
few clouds
8.8 ° C
10.8 °
7.7 °
83 %
3.1kmh
20 %
Mon
11 °
Tue
11 °
Wed
12 °
Thu
13 °
Fri
15 °
-- Free Ads --spot_img