The value of direct sales of Scotch whisky to Russia fell by 95 percent in 2014 from £25 million ($37 million) to £2 million ($3 million), newspaper The Herald Scotland reported Wednesday.
The sharp drop in sales to Russia pushed the country out of the world's top 20 scotch markets, the Herald reported, citing data from the Scotch Whisky Association (SWA).
Although Western sanctions over the Ukraine crisis do not impact whisky exports to Russia, a SWA spokesperson said the ongoing conflict between Russia and Ukraine hurt sales in both countries, The Herald Scotland reported. The ruble's decline of around 40 percent to the U.S. Dollar since last year has also raised the price of whiskey imports in Russia, further depressing demand.
Ukrainian imports of scotch dropped by 20 percent to £3 million pounds ($4.5 million), according to the SWA.