For the first time since the beginning of the Russian economic crisis in 2015, there was a revival in the Russian fur market as this new year began. Global manufacturers attribute this to the strengthening of the ruble, as Russians traditionally make up a fifth of all buyers of international fur production. After two years of silence, a presence of Russian buyers at the wholesale level was seen at the international fur fairs in the first quarter of 2017 and an increase is expected in tourist flow from Russia to Greece, Turkey and Dubai for retail purchases over the next few months.
The economic situation in Russia was a sharp blow to foreign manufacturers of fur and fur coats. Due to the outflow of Russian buyers from the trade, prices for furs reached its minimum in 2016 and were below production costs. According to the Federal Customs Service of Russia, the total price of fur products imported into Russia in 2016 amounted to $ 15.5 million, whilst it was more twice as much in 2014 and amounting to $ 33 million.
The international fur trade has expressed "cautious optimism" for the rebound of the Russian fur industry in 2017.