The Federal Antimonopoly Service (FAS) proposes to grant Russian regional governments the right to exert price controls and limit the prices of any goods, Izvestia daily reports a document on amendments to the government decree.
Such price controls would be most relevant in regions with high inflation, low incomes and limited access to certain goods, where prices are significantly higher than in neighbouring regions, Alexei Nikonov of the Ministry of Industry and Trade commented to Izvestia.
Currently the regional authorities can control price increases only for 24 positions of socially important essential products.
The analysts surveyed by Izvestya believe that in addition to the prices of bread, meat, vegetables and fruit, the prices of medicines, hygiene products, clothing, footwear, building materials and pet products could now become subject to restrictions.
The FAS does not define specific categories of goods for which prices will be reduced; this will be decided by regional authorities.
Related Articles
Profit of Russian SovcomBank down 50% in 1Q25
Publicly listed Russian Sovcombank posted a 50% year-on-year decline in IFRS net profit to RUB12.5bn ($172.8mn) for 1Q25, as monetary tightening and a stronger ruble weighed on core banking ... more
Russian Bank Saint Petersburg ups profit 19% in 1Q25
Top dividend payer in the Russian banking sector Bank Saint Petersburg posted a 19% year-on-year increase in net IFRS profit to RUB15.5bn ($214.3mn) for 1Q25, supported by a robust net interest ... more
First Russian bank branch to open in Iran as Mir Business Bank
The Central Bank of Iran has issued a permit for the opening of the first Russian bank branch in the country, Donyaye Eqtesad reported on May 16. Mir Business Bank, a Russian bank partly ... more
Most Read
-
Armenia courts African countries to supply diamond industry
27 days ago
-
Russia’s Alrosa finds its largest diamond ever, as Mirny mining operations restart
11 days ago
-
COMMENT: Embracing “Greater Central Asia” has become a strategic imperative for US
22 days ago
-
From blood diamonds to critical minerals: Sierra Leone’s mining transformation
28 days ago