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Food prices in Russia skyrocketed more than 650%

Staff writer |
As long as Europe doesn't tone down its sanctions, Russia will maintain its boycott, the Russian government reports. A study in Russian supermarkets in Samara, Central Russia, shows that prices for vegetables have gone up significantly.

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And if a proposal by the government is voted through, Russia will be a step closer to GMO free agriculture. The proposal further limits the use of GMO crops. Georgia is allowed to export to Russia again. A number of products had been banned by Russia for 10 years. And Russia and Chile want to better coordinate the phytosanitary requirements, thereby promoting trade.

The public prosecutor of the Samara region (central Russia) looked into price change in supermarkets this month. Significant price increases were observed, with prices of potatoes going up by 67%, onions +38%, cabbage +353%, tomatoes +383%, cucumbers +544% and bell peppers +654%. The changes are caused in part by seasonal influences and the rouble's exchange rate.

Despite the agreement reached last week between the EU and Russia, Moscow says it isn't planning to lift the embargo as long as the Western sanctions remain in force. According to Russia, the boycott gives Russians companies the opportunity to operate in a better market situation. Due to the European sanctions, Russian companies have a harder time borrowing money on the capital market.

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