"There is no nostalgia": Riga balm is doomed

Riga balsam, whose manufacturer is stuck in debt, is doomed to disappear, political scientist Alexander Nosovich believes.

"Riga balsam is going bankrupt. It's strange that only now. After the Russian investor was first squeezed out of the plant, and then (direct) deliveries to Russia, he was doomed one way or another. And no European markets, as predicted, could replace the traditional sales market in the east. The West has its own sambukas and jaegermasters, but consumers do not have Soviet nostalgia," Nosovich wrote in the telegram channel.

The political scientist expressed regret.

"Personally, I'm sorry. I don't have Soviet nostalgia either, but it was great in coffee or ice cream. And the light version with blackberries as a drink is quite good. It was," Nosovich concluded.

The company of vodka magnate Yuri Shefler Latvijas balzams, producing the legendary Riga balm, is under threat of extinction. Latvijas balzams already has a debt of 65 million euros. Shefler owes both the Latvian authorities and private creditors. According to the latest data, 89.99% of the asset belongs to the entrepreneur's business group.

During the first quarter of this year Latvijas balzams went to a loss of 1.4 million euros, and as of March 31, the company's balance sheet was only 38 thousand euros. Total debts in ruble terms exceed 6.5 billion. In Russia, all of Yuri Shefler's assets were nationalized in 2024.