Russia: FAS and the Ministry of Agriculture were instructed to present measures to reduce sugar prices

Published 2022년 3월 15일

Tridge summary

The Russian government is investigating a sudden surge in sugar prices, with First Deputy Prime Minister Andrei Belousov calling on various agencies to propose solutions. The price increase, noted between February 24 and March 11, has led to concerns about market manipulation and has been exacerbated by increased demand and distribution issues. Market experts warn that state price interventions have caused market imbalances and recommend removing price controls to stabilize the market. The rise in sugar prices has also impacted trade in the region, potentially leading to a sugar shortage in Central Asia and the Caucasus.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

First Deputy Prime Minister Andrei Belousov instructed the Federal Antimonopoly Service (FAS), the Ministry of Agriculture, the Ministry of Industry and Trade and the Federal Tax Service to submit proposals to stabilize sugar prices, Izvestia writes, citing a source close to the government. Belousov held a weekly meeting on the situation with prices for socially important goods, where, among other things, a jump in sugar prices was discussed. “The task is to identify the link in a single supply chain where there is a significant overpricing of granulated sugar, and take action, and not introduce state regulation,” said a source close to the government. Belousov also noted that it is unacceptable to speculate on socially significant products in Russia. By the end of the week, the Federal Antimonopoly Service, the Ministry of Agriculture, the Ministry of Industry and Trade and the Federal Tax Service should submit proposals to resolve the situation with retail prices. The Ministry ...

Source: AgroInvestor