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Sunday, March 19, 2023

Russia Will Now Allow Unauthorised Imports from the West

In response to sanctions that have prevented the import of a variety of Western items, Russia is permitting imports without the approval of the trademark owner.

As part of a fourth package of help for small and medium-sized firms, Prime Minister Mikhail Mishustin allowed “parallel imports.”

Inflation has risen as a result of the West’s response to Russia’s conflict.

According to the prime minister, items could not be sold in Russia without the permission of the trademark owner.

He added that the goal of allowing stores to import products without the firms’ authorization was to overwhelm the market so that people could get essential commodities quickly, ensuring supply despite “unfriendly activities of foreign governments.”

Mr Mishustin stated in a televised address that product lists will be coordinated with the ministry of industry and commerce. According to Russian media, they would concentrate on consumer goods where prices have soared.

This week, annual inflation reached 15.66 percent. Price spikes and shortages have been particularly severe in the sugar industry, and Russia’s anti-monopoly authority has announced that it is examining the country’s five largest producers.

Russia said last week that “unfriendly nations” will have to pay for their natural gas in roubles starting Thursday in order to keep the currency afloat.

The EU has rejected the proposal, and Germany’s Chancellor Olaf Scholz has been told that Europe may continue to pay in euros to an unlicensed Russian bank, which would then change the money into roubles.

Since the invasion of Ukraine began on February 24, hundreds of multinational businesses, including Apple and H&M, have either dropped out of the Russian market or ceased sales.

Several businesses have continued to supply basic food and sanitary supplies. Decathlon, a sports retailer, announced this week that it was simply shutting stores due to supply chain issues, while Nestle has halted the sale of the “vast majority of volume and sales” in Russia.

Separately, Russian state institutions have been prohibited from purchasing foreign software for so-called key information infrastructure without prior government approval as of Thursday.

The directive applies to government institutions as well as corporations in the defense, healthcare, transportation, energy, and financial sectors.

Cedric Blackwater
Cedric Blackwater
Cedric is a journalist with over a decade of experience reporting on local US news, and touching on many global topics. He is currently the lead writer for Bulletin News.

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