Russia considering price limits for domestic food producers

|By:, SA News Editor

After banning half of its agricultural imports from the West this past week, Russia is now considering a price control agreement with domestic food producers to avoid speculative price hikes that could affect inflation.

The International Trade Center, a joint venture between the U.N. and WTO, states that Russia imported $17.2B of food from the countries targeted by the ban, of which $9.2B was in the affected categories.

Agriculture Minister Nikolai Fyodorov announced that the ban will cause a short-term spike in inflation, but said he saw no danger in the medium or long term due to new future substitutes.

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