In 2000, both Georgia and Moldova shipped about 80% of their wine exports to Russia (by value). In 2006, both were hit by a Russian import ban. The ban on Georgian wine lasted until 2013. The one on Moldovan wine lasted only one year but was followed by a second ban in 2013. As a result, in 2023, while Georgia is again dependent on Russia (65% of its wine export value go to Russia), Moldova has almost completely detached itself from the Russian market.
Since 2013, following the opening of the Russian market, it has become its main consumer.
It’s worth mentioning that as a result of the ongoing Russian-Ukrainian, the Ukrainian market is almost completely lost that further increases the dependence of large Georgian wineries on the Russian market. As per TBC Capital research, in January-May 2024, the Georgian wine exports to Russia soared by 52% year-on-year and account for 75% of the total wine export.
