15 Aug 2022 10:50

Russian parallel imports total $6.5 bln, could reach $16 bln by year's end - Deputy PM Manturov

MOSCOW. Aug 15 (Interfax) - Shipments of goods to Russia through parallel imports have reached almost $6.5 billion since they were launched in early May, and they could total $16 billion by the end of the year, Deputy Prime Minister and Industry and Trade Minister Denis Manturov said in an interview with Interfax, citing his ministry's estimates.

"Almost $6.5 billion worth of products have been imported in the period that the mechanism has been in effect. It is fairly difficult to make exact forecasts on the amounts of parallel imports, but based on statistics for the 2.5 months, the anticipated amount of product imports to the end of the year could total about $16 billion," Manturov said, adding that the forecast is based on an estimate that monthly parallel imports average $2 billion-$2.5 billion.

The legalization of parallel imports does not affect importers' obligation to mark products upon import into Russia, he said. "On the contrary, marking is now virtually the only instrument of control that, amid the easing [of regulations] and moratorium on conducting inspections, helps to prevent illegal products from getting on the market," Manturov said, adding that there are "no difficulties with marking parallel import goods."

The Industry and Trade Ministry will adhere to a balanced approach when compiling the list of goods eligible for parallel imports, extending this mechanism only to certain groups of products, he said. The Federal Antimonopoly Service, for one, has called for extending this mechanism across the board.

"The approach to allowing parallel imports must be balanced so as not to harm national companies. I stress again that this is why we worked out and fine-tuned the corresponding list of goods for a fairly long time, with virtually surgical precision, so that it works like it's supposed to, ensuring access to the goods we need but not hurting Russian and localized foreign businesses who continue to work on the Russian market or ship to Russia," Manturov said.