7 Jun 2022 11:55

Manturov expects approval for increased market share limit for retail to 35% in near future, measure to be temporary

MOSCOW. June 7 (Interfax) - Russia's Industry and Trade Ministry expects the decision on increasing the maximum market share for retail in the country to 35% from 25% to be approved in the near future, and the bill has already been submitted to the State Duma, Industry and Trade Minister Denis Manturov said, noting that the measure is because of foreign players having exited the market.

"We have decided in a certain sense to prepare, I mean to amend, the law on trade in order to permit increasing the market share from the current 25% to 35% in specific areas that are currently represented by one or another Russian company," Manturov said when speaking at the Retail Week forum.

"This is a temporary and valid measure that should be in force until at least the end of the year," Manturov said.