Maximum damage done  by Russian sanctions could reach GEL 4 billion per year

Maximum damage done by Russian sanctions could reach GEL 4 billion per year

access_time2019-07-12 08:00:01

“If Russia imposed economic sanctions, then along with travel sanctions, Georgia could see a loss of GEL 4 billion,”  Georgia’s Economy Minister Natia Turnava says.

In particular, the maximum damage done by tourism sanctions will reach $ 750 million or GEL 2 billion, if the tourist flow from Russia drops to zero.

 

If we add $ 600 million of remittances and 300 million generated from wine and mineral water exports, then the total damage reaches $ 1.65 billion or  GEL 4 billion a year.


“ Tourism and travel  embargo remains a challenge, the losses are still difficult to calculate as it is not yet clear how much the number of Russian tourists in Georgia will reduce,” she notes.

 



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