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MIL OSI Translation. Region: Russian Federation –

The government is finalizing the preparation of the regulatory framework to curb the rise in prices for socially important products. The President instructed to regulate the situation in the food market. Prime Minister Mikhail Mishustin signed a number of decrees that reinforce the decisions taken.

One of the documents concerns special agreements. The Ministry of Agriculture, together with the Ministry of Industry and Trade and the Federal Antimonopoly Service, will conclude them with food producers and retail chains. Such agreements will help to reduce and maintain at a normal level prices for certain types of the most popular goods. In particular, sugar and sunflower oil. The agreements will be valid until the end of the 1st quarter of 2021. The Federal Tax Service will monitor how they are executed based on data from online cash registers, in addition to monitoring by Rosstat.

To stabilize prices for flour and bread, for the export of wheat, rye, barley and corn, the Government sets a tariff quota of 17.5 million tons. Export of grain in volumes exceeding it will be subject to a duty of 50% of the customs value of exported products, but not less than EUR 100 per ton. Within the quota, the duties on the export of rye, barley and corn will amount to 0%, on the export of wheat – 25 euros per ton. The decision concerns products exported from Russia outside the Customs Union and will be valid from February 15 to June 30, 2021.

To support flour producers, subsidies are provided to reimburse part of the costs associated with the purchase of wheat. The government decree signed by Mikhail Mishustin establishes the rules for the distribution of such financial support. As follows from the document, millers will be able to compensate for up to 50% of the difference between the current price for milling wheat and its average monthly average price for the same periods of the previous three years, according to Rosstat, adjusted for inflation.

Earlier, Mikhail Mishustin approved composition of the interagency working groupheaded by First Deputy Prime Minister Andrei Belousov. She will be engaged in monitoring and prompt response to changes in prices for popular goods. The Prime Minister instructed to monitor the situation at all stages – from production to the counter and take timely measures. All participants in the process will report to him personally about the work done in the framework of weekly meetings with the deputy prime ministers.

The documents will be published later.

EDITOR’S NOTE: This article is a translation. Apologies should the grammar and or sentence structure not be perfect.

MIL OSI Russia News