Russia to limit essential foodstuff sales to check blackmarket

Moscow: Russian government said that retailers in the country would limit sales of essential foodstuffs in order to limit black market speculation and ensure affordability. The announcement arrives as the sanctions imposed over the country, post its invasion into Ukraine, has started to bite, Agence France-Presse reported.

The trade and industry ministry of the country had said over the weekend that cases had been reported that essential foodstuffs had been purchased in volumes strictly larger than that necessary for private consumption. These volumes were up to tons amassed for subsequent resale, it said.

The ministry statement said that trade organisations of retailers had proposed that trailers be allowed to limit the volume of certain goods sold to individuals at a time. The Ministry of Industry and Trade and the Ministry of Agriculture is backing the proposal by trade organisations, the statement said. It added that the organisations themselves would formulate a policy in this regard.

Essential goods priced by the state controls include bread, rice, flour, eggs and selected meats and dairy products etc.

Russia has been under a package of financial and cultural sanctions imposed by Western countries after it had initiated its " a special military operation" in neighbouring Ukraine on February 24. The central bank of Russia had taken unprecedented measures such as capital controls to support the falling economy and currency ruble.

In the 1990s, there was financial instability happened, and millions of Russians saw their savings leave under devaluating currency and inflation surge.