U.S. Markets close in 3 hrs 27 mins

News Summary: Russia may restart Georgia imports

The Associated Press

PEACE AND TRADE: A Russian official said Moscow may soon resume imports of Georgian wine, mineral water and fruit after a seven-year ban, a step toward repairing the neighbors' relationship.

THE BACK STORY: Russia banned such trade in 2006 as political tensions rose before the brief war with Georgia in 2008. An October election made tycoon and philanthropist Bidzina Ivanishvili Georgia's new prime minister, and he pledged to normalize relations with Russia.

GEORGIA'S PAIN: Russia's ban on Georgian products had dealt a painful blow to its economy, in which wine plays an important role. Many vineyards had to close.