Greece's fur coat industry, suffering from a drought of Russian buyers, is terrified that the sanction tit-for-tat between Moscow and the West over Ukraine could destroy its business altogether.
Despite its hot Mediterranean climate, Greece sold 136,446 fur coats worth 108 million euros ($140 million) to Russia in 2012 — 23 percent of its total exports to the country, RIA Novosti reported, citing the Greek statistics agency.
Export volumes fell to 86 million euros in 2013, but this year is looking worse.
"This year there are no sales. I'm not seeing any Russian buyers," an Athens furrier told RIA Novosti, blaming the strength of the euro against the falling Russian ruble and a dearth of wealthy Russian tourists to Greece.
Russia could up the ante — after imposing a new wave of sanctions on Russia last week, Europe is braced for Moscow's response. In August, Russia banned many food imports from sanctioning countries, costing Greece's agricultural sector 200 million euros, according to Bloomberg.
Last week, hours after the new EU measures were announced, Andrei Belousov, an aide to President Vladimir Putin, said counter-sanctions could affect imports of cars and clothes. It is not clear whether fur would be affected.
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.
