MOSCOW, July 5 (Reuters) - Shares in Russian sparkling wine maker Abrau-Durso leapt on Monday after new legislation forced foreign champagne producers to add a “sparkling wine” reference to the back of their bottles.
The law, signed by President Vladimir Putin on Friday, requires all foreign producers of sparkling wine to describe their product as such on the label on the back of the bottle - though not on the front.
This includes French producers in the Champagne region, who gave the name to the world. Makers of Russian “shampanskoye” - the Russian word for champagne - may continue to use that term alone.
France’s Moet Hennessy, maker of Veuve Clicquot and Dom Perignon champagnes, said on Sunday it would begin adding the designation “sparkling wine” to the back of bottles destined for Russia to comply with the law.
Abrau-Durso’s Moscow-listed shares were up 4.5% by 0923 GMT. They had earlier been 7.77% higher on the day. (Reporting by Alexander Marrow; Editing by Kevin Liffey)