June 28, 2021

Russia Stumbles in Bid to Fight Global Price Surge With Duties

Featuring Elina Ribakova

Source: Bloomberg

Journalists Anna Andrianova, Yuliya Fedorinova

Russia’s answer to the surge in global commodity prices has been a mass experiment with duties, export curbs and price controls.

It’s not working. Inflation has spiked to the highest level in four years and even officials admit relief is months away at best.

Steel, nickel, aluminum and copper last week joined the long list of goods that are subject to export duties as Vladimir Putin seeks to soften the burden on consumers. Since Putin first ordered the government to do something about surging prices late last year, restrictions have spread from wheat to cooking oil to sugar and the key Russian staple buckwheat.

Read the full story and more from Bloomberg.

Authors

  • Elina Ribakova

    Adjunct Senior Fellow, Energy, Economics, and Security Program

    Elina Ribakova Ribakova directs the IIF’s economic research on emerging markets, with special interests in Russian economics and financial stability. Ms. Ribakova was previou...