Home News Russia fears the rise of a food black market following economic sanctions

Russia fears the rise of a food black market following economic sanctions

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Russia is worried about the emergence of a network of resale of basic food products, the economy suffering under the onslaught of Western sanctions taken in retaliation for the entry of the Russian army into Ukraine.

“The largest federal and regional supermarket networks have decided to minimize the risk of purchase by commodity dealers,” the Russian Ministry of Trade and Industry said in a statement on Saturday.

“In several regions, these products have been purchased in droves, up to several tons, more than necessary for personal use, and in order to resell them,” the ministry continued.

Consequently, he said he supported rationing measures adopted by large retailers, without giving directives for the time being.

Economic sanctions targeting Russia have caused a fall in the ruble and the withdrawal of many foreign suppliers from the market, which in turn should fuel inflation and risk fueling shortages and panic.

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Twenty foods

“To ensure that citizens have access to products at affordable prices, the supermarket networks have offered to be able, if necessary, to limit the sale to a single person of certain goods”, added the ministry.

Merchants themselves will determine the products whose sale will be restricted and the terms of these restrictions, he said.

The list of essential products concerns goods whose prices may be limited by the Russian government.

The concern of Russian oligarchs targeted by Russian economic sanctions

It includes around twenty basic foods: meat, fish, milk, flour, sugar, oil, cereals, butter, rice, bread, cabbage, carrots, onions and potatoes.

Since the massive sanctions taken against the Russian economy, the authorities have multiplied measures to limit panic and the flight of capital.

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