The announcement in February that leading Russian banana importer Joint Fruit Company (JFC) had filed for bankruptcy has lead to banana prices in the country growing by more than 50 per cent.
According to business publication Kommersant, the selling prices of bananas offered by JFC grew 51.6 per cent in mid-February, up to RR51.87 (€1.34) per kilo.
The St Petersburg-based group last month claimed that global market instability, specifically the impact of the so-called 'Arab Spring' on the Southern Mediterranean market, had undermined its business.
JFC revealed that it took the decision to start bankruptcy procedures in order to protect its creditors and keep its sizeable business operations afloat.
