Abrau-Durso sells champagne house in France

MOSCOW. March 7 (Interfax) - Abrau-Durso Group , Russia's leading sparkling wine maker, has sold the Chateau d'Avize champagne house in France, the company's press service told Interfax, citing group president Pavel Titov and confirming a report published by RBC on Monday.

"Yes, we did in fact decide to sell our winemaking asset in France. In recent years it became clear to us that it is becoming difficult to work in this region and we started to look for an investor," Titov said.

The transaction was completed in January 2022. The buyer and price have not been disclosed.

"Three wine brands were produced in the region: Foliage, Chateau d'Avize, Titov & Fils. We're retaining the Titov & Fils brand. Moreover, we reached an agreement with the new owners on future production of wine under this brand and imports into Russia. However, shipments could be difficult due to restrictions on imports of premium wines from EU countries," Titov said.

RBC reported that SVL Group, a petrochemical company affiliated with Pavel Titov's father, presidential commissioner for entrepreneurs' rights and Abrau-Durso owner Boris Titov, acquired Chateau d'Avize in 2010. The winemaker can produce 2 million bottles of champagne per year and has wine cellars with capacity for about 5 million bottles. SVL also leased 2 hectares of Grand Cru vineyards for 25 years.

In March 2022, the European Union banned exports of wine priced above 300 euros per bottle to Russia as part its sanctions against the country. Chateau d'Avize Titov & Fils Grand Cru champagne sells for as much as 17,000 rubles per bottle, but is currently not available in Russia, according to the websites of wine stores cited by RBC.