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Tuesday, 25 June 2019

Predamage will not affect prices of goods in Russia – ACRE

The extension of the food embargo in response to Western sanctions against Russia do not affect the prices of commodities, its effect is exhausted in early 2016, told RIA Novosti senior analyst, sovereign ratings and prediction ACRE Vasilisa Baranov.

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Earlier on Monday, Russian President Vladimir Putin extended the food embargo imposed in response to sanctions against Russia, for a year, until 31 December 2020, the corresponding decree published on the official portal of legal information.

"According to our calculations, the effect of predamage on the prices were until the beginning of 2016, so now it no longer influences them. In our baseline forecast inflation to end this year is 4.8% year-on-year, and of food to 4.3% year-on-year," says Baranova.

She noted that the introduction of predamage in 2014 led to higher prices and "had a negative impact on real incomes and the positive on the sector of agriculture".

"In General, the effect of predamage on real incomes and GDP from the time of its introduction," continued Baranov.

"Predamage led to the decline in the share of imports of food products from countries in respect of which a ban on the import of agricultural products, from 41% to 21% between 2013 and 2018", - she added.

Predamage Russia in response to Western sanctions has been in place for almost five years. The Russian President signed the corresponding decree on 6 August 2014, then its action was prolonged several times. The list of countries for products which are subject to a ban on imports, determined by the government, at the present time it includes USA, EU, Canada, Austria, Norway, Ukraine, Albania, Montenegro, Iceland and Liechtenstein. Cabinet also identified a specific list of products embargoed.

photo:

cargo80.com

Translated by service "Yandex.Translation"

Источники: Dairynews

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