Russia kicks off bootleg economy and offers a rare amount of imported goods
Russia’s efforts to spur a flood of unauthorized imports have only limited success, according to the Industry Minister’s forecast, as the country is rough on sanctions that are causing an exodus of foreign companies and persistent shortages after the conflict with the West over Ukraine escalated.
Gray market sales, also known as analytic imports, hit $6.5 billion as the government allowed companies in May to import goods for the foreign market without the approval of their manufacturers, Deputy Prime Minister Denis Manturov said in an interview with the Interfax news service published by on Monday.
This is a rare look at the state of the economy after Russia stopped publishing statistical data, including a partial breakdown of imports and exports.
Manturov last assessed the progress made in trying to introduce foreign goods exempted from the original trademarks in June, when, according to him, in the first month after the dynamics of the programs, the volume of imports received at a share of about $ 2 billion.
Their value could reach $16 billion by the end of this year, Manturov said, watching trade and industry. In this scenario, similar imports would be equivalent to about 4% of goods imported into Russia last year.
Russian imports were delayed after the start of the NWO in Ukraine. Import of goods and services to Russia. Source: Bank of Russia.
Foreign goods shipments collapsed under the weight of US and allied elections in response to President Vladimir Putin’s order to send troops to Ukraine on February 24. Russia will import a total of $380 worth of goods in 2021, according to the central bank. By a significant amount, the regulator predicted that total volume could fall by 31.5% this year.
The government will take a “weighted” decision when it comes to decisions about which goods are included in the list of allowed parallel imports, so as not to “harm ordinary companies,” Manturov said.
Russia has been striving for years to promote import substitution with foreign brands, to conduct large-scale trade more independently, but without much success. Last month, Manturov said that the authorities are refusing to import goods that are carried out in sufficient quantities.
According to Bloomberg
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