The Return of Russia - Food Manufacturers at the Crossroads
Memories of the Russian financial crisis of 1998 and its after effects are still fresh in the minds of western food producers. Sales collapsed as purchasing power plummeted after the August 1998 ruble devaluation. A four-fold reduction in purchasing power amongst Russian consumers made food imports prohibitively expensive, and the volume of food imports dropped almost 70%. The market was plunged into deep depression. Jump to 2001...
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