Ukraine war: Russian stores to limit food sales to combat black market situation

By Team Newsable | First Published Mar 6, 2022, 5:28 PM IST

Trade organisations representing retailers suggested that retailers be allowed to limit the quantities of specific commodities offered to individuals at one time.

Russian government, on Sunday, announced that retailers would limit sales of vital products to curb black-market speculation and maintain affordability, as sanctions imposed in response to Russian military foray into Ukraine began to bite.

Over the weekend, the trade and industry ministry stated that there had been incidents where essential foodstuffs had been purchased in a volume clearly larger than necessary for private consumption (up to several tons) for subsequent resale.

Tap to resize

Latest Videos

Tap to resize

Following the ministry's statement, trade organisations representing retailers suggested that retailers be allowed to limit the quantities of specific commodities offered to individuals at one time.

The release read that the Ministry of Industry and Trade and the Ministry of Agriculture supported the initiative of trade organisations, stating that the organisations themselves would work out the policy.

Bread, rice, flour, eggs, and some meats and dairy items are among the essential foodstuffs whose prices are regulated by the government.

Western countries have slapped Moscow with a slew of financial and cultural sanctions since "a special military operation" was named by the Kremlin in neighbouring Ukraine on February 24.

In recent days, the central bank has taken unprecedented steps to support the faltering economy and the currency, including capital controls.

The falling ruble has brought back unpleasant memories of financial instability in the 1990s when millions of Russians saw their savings dwindle due to a devaluating currency and soaring inflation.

Also Read: Ukraine developing nuclear 'dirty bomb' in Chernobyl, alleged Russia

Also Read: Indian Embassy asks stranded citizens to fill google form 'urgently' for evacuation

Also Read: Russia-Ukraine war: No water or power across city, says Mariupol mayor

For more reliable and latest news