In our latest look at the Russian market, we find that physical and online vape stores are the main distribution channel for e-cigarettes, but there was a reduction in the number of physical vape stores from mid 2017 to mid 2018 due to an excess of e-cigarette supply and the introduction of excise duty. However, we believe the phase of closures is over and we now expect the number of vape stores to remain fairly stable.
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