Putin forced to hike vodka prices in Russia due to Ukraine war sanctions

Russia has been forced to increase the price of its vodka due to the impact of western sanctions following Vladimir Putin's invasion of Ukraine.

Other types of alcohol will also see prices go up under the Ministry of Finance's plans, which are set to be implemented from January 2023, reports the state-owned RIA Novosti news agency.

According to RIA Novosti, the ministry blames increased labour and production costs, the rising price of ethyl alcohol as well as the sanctions imposed earlier this year.

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Russian booze firms have been struggling to get their hands on certain "equipment, accessories and consumables" due to the economic measures.

According to a draft of the new plans, the minimum price of strong alcohol (such as vodka) will rise from 261R (£4.16) to 281R (£4.48) per 0.5-litre bottle.

Brandy is reportedly set to shoot up from a minimum price of 349R (£5.56) to 375R (£5.97) per 0.5-litre bottle. Cognac specifically will go up from 480R (£7.65) to 517R (£8.24) for the same size bottle.

Speaking back in July, Putin himself admitted the sanctions were causing "colossal" problems.

The tyrant said: "This is a huge challenge for our country.

"Realising the colossal amount of difficulties we are facing, we will look for new solutions in an energetic and competent manner.

"Clearly, we cannot develop in isolation from the rest of the world, but we won't.

"In today's world, you can't just, you know, circle everything with a compass and put up a huge fence, it's just not possible."

The sanctions have included cutting off several major Russian banks from the SWIFT payment system and freezing the assets of the Russian Central Bank.

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CNN reported nearly $1trillion (£0.93trillion) of Russian assets were frozen just one week after Putin first sent tanks over the border in February.

Other measures have included export controls – such as the US restricting Russian access to technological components – and multinational companies such as Apple, Ikea and General Motors cutting ties with the country.


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