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.
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