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Russia Implements New Food Price Regulations to Combat Inflation
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Moscow is preparing to introduce a comprehensive system of state regulation for wholesale food prices in a strategic effort to curb rapidly rising inflation. Recent months have seen basic food prices surge, reaching double-digit percentage increases across the country.
Long-Term Contracts Mandated
Amendments to Russia’s trade law, currently being finalized by the Ministry of Agriculture, will require long-term contracts for food shipments to retail networks. These contracts will limit price changes to onc per year. By 2026, at least 80% of all sales must be covered by such agreements, increasing to 90% by 2028. Unilateral cancellation of these contracts will be prohibited without a court ruling.
Did You Know? Russia’s previous attempts at price controls during the Soviet era often led to shortages and black markets, highlighting the complexities of such interventions.
Shift from Fixed Pricing
Initial proposals for the regulation included fixed state-set prices.However,the updated version,as