“The sanctions are having an effect now,” says Jimmy Robertson, who leads Angus Dundee in Russia, until recently one of the single-malt specialist’s best markets.
“Customers are having to negotiate with banks, some of which have been targeted…Everyone is watching the ruble on a daily basis to decide when to place orders.”
“The Russians are coming to us asking if we can help at this difficult time, asking if we can reduce prices or extend credit. We are trying to be as flexible as we can,” he said.
Pressure to retreat
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“Peugeot and Renault have led car-manufacturers, given their past experience co-operating with the Iranian producers, Khodro and Saipa, and would like to take Iran’s annual vehicle production back from around 740,000 in the 2013/14 Iranian year to the peak of 1.6 million reached in 2011.”
Ahead of the anticipated thaw, companies are already finding opportunities to position themselves in the new market, despite the continuing sensitivity over nuclear talks.
Seeking trade with a perceived adversary may be a high wire act, but in due course there are likely to be rewards for those who hold their nerve.
