POST Online Media Lite Edition


Russia's monopoly watchdog reveals extend of total cartel damage

Staff Writer |
The total cartel damage in Russia is estimated at 1.5-2% of GDP, according to the files released by the country’s Federal Antimonopoly Service (FAS).

Article continues below

"The total cartel damage 1.5% to 2% of GDP," TASS cited the regulator as saying.

According to FAS’ deputy head Andrei Tsyganov, "tender collusion accounts for 85% of cartels."

"This is a huge problem, which takes billions of rubles from the Russian budget and Russian consumers," he said at the regulator’s meeting.

What to read next

German cartel office fines food retailers over price fixing
U.S. suffers multi-billion dollar storm losses
South African glass companies fixed prices, state eyes fine