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ATOR: Russian travel companies may go bankruptcy in 2016

27 November 2015 13:40 (UTC +04:00)

Lomidze said if the tension between the two countries grows into a crisis Russian travel companies will face great loss.

She said prices and travel program are mainly fixed in January-March, noting that if relations between the two countries don’t normalize and calls not to travel Turkey are not stopped, the tourism sector will suffer heavy losses.

“Turkey and Egypt together comprise 45 percent of the organized tourist flow from Russia to foreign countries. This figure can rise up to 60 percent by the end of the year. The inability to fix prices in time will lead to failure of the tourism season in 2016, and the loss for the entire tourism business can reach hundreds of millions of dollars,” Lomidze added.