FAS continues to monitor the prices of socially significant goods


RIA News has published the information stating that it was informed by the press department of The Federal Antimonopoly Service (FAS) of Russia, that in light of the depreciation of the ruble, reminded that it continually monitors prices for socially significant goods.

Concerns regarding the rise of prices have been going around since the situation in the oil market changed sharply after OPEC + participants were unable to extend the agreement to reduce production last Friday. In particular, Saudi Arabia proposed to minimize oil production; Russia insisted on maintaining the previously existing conditions. Thus, on the 9th of March, the markets reacted with a record drop in oil prices since 1991. The cost of a barrel of Brent crude oil totalled $ 33.48 (down 35.5%). Affected by such a significant drop the ruble exchange rate also fell, causing the dollar/rubble, and euro/ruble exchange rate to hit a record high since 2016 on Monday in the global Forex market, reaching 75.33 and 86.28 rubles, respectively.

In light of the current situation and speculation going around, RIA News has shared the following statement by the FAS -: "The FAS Russia regularly monitors the prices of a number of socially significant goods, including food, and in case of violations of the antimonopoly legislation, takes antimonopoly response measures". Nevertheless, the regulator emphasized that if price dynamics are determined by a change in the general conditions for the circulation of goods and are not related to the monopolistic activity of market participants, then, in this case, it will not be able to intervene.

However, the FAS press service explained to the agency that the prices of drugs that are on the list of vitally important (Vital and Essential Drugs) are subject to state regulation and cannot be higher than the maximum selling.