“We do not understand that an area in the middle of the Corbières can be at the center of a geopolitical conflict and a war”. Jean-Luc Parret talks about it with great weariness. He is the manager of Château Saint Louis, but for 10 years its owner has been Russian. Boris Pakhunov, made his fortune in viticulture in southern Russia and in the alcohol trade. He is not close to Vladimir Putin, he is not considered an oligarch and is not on any blacklist but can no longer transfer money to his Aude domain which would however need it.
Château Saint Louis was hit hard by the frost last spring. Losses have exceeded 70% but the blocking of money transfers between Russia and the European Union is jeopardizing the estate and its seven employees. “When we have a harvest down by 70%, that means revenue is also down by 60 to 70% and we expected this year to be very complicated” describes Jean-Luc Parret.
“In general when we have this type of problem, the owner makes a contribution in current account, he adds to the pot. And there, he cannot do it because of the impossibility of transferring the funds. He cannot even come to France, we are blocked, we are all alone”.
“We have the cash to operate until the summer”
When Boris Pakhunov bought the estate in 2012, his idea was to supply quality French wine to his Russian shops. But from 2014, the economic sanctions following the annexation of Crimea directly affected Château Saint Louis. “The bank informed us overnight that it was closing our accounts,” recalls Jean-Luc Parret. “We could no longer cash in, sell, pay salaries and suppliers. We went three months without a bank account. Mr. Pakhunov had to take his plane once a month to pay salaries in cash”. On several occasions Jean-Luc had to write to the Ministry of Agriculture and to the Elysée to unblock the situation.
The tightening of economic sanctions in recent weeks has decided the owner to sell the estate. “He asked me to sell as soon as possible” specifies Jean-Luc Parret. “We have the cash to operate for a few more months, until the summer. The objective is to avoid bankruptcy, to go into receivership to save time and take advantage of this time to find a buyer. and allow employees to continue working.
Potential buyers he has already met in recent days who have come to visit the 120ha located between Boutenac and Oraisons. He regrets being a victim of European sanctions.
“As much as I understand the sanctions and the desire to hit hard, but there are plenty of collateral victims who have nothing to do with it” he laments. And even if he finds a buyer by the end of the summer, what he fears is that money transfers to Russia will remain impossible. “The notary must be able to transfer the funds and that is not won,” he worries. “We are at an impasse, for an area that operates in normal times without any particular problem”.