The head of Russia’s Ministry of Economic Development estimated the volume of duty-free imports at $31 billion. one year

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OREANDA-NEWS $31 billion worth of duty-free goods can be imported into Russia within a year, Economic Development Ministry head Maksim Reshetnikov said at a briefing, Gazeta.ru reported.

“The volume of imports of “duty-free items” is estimated at 31 billion dollars per year. Only for two weeks of the measure, the amount of granted benefits amounted to 811 million rubles. The privilege was used by 325 participants in foreign economic activity“, – said Reshetnikov.

According to him, this should curb the rise in prices of goods of different categories.

The Minister recalled that at the end of April, 924 other basic products will be exempt from import duties. Thus, the importer will not have to contact specialized agencies to confirm the importation of the goods. The zero duty will be applied automatically when submitting the customs declaration.

In March, the government exempted more than 1,000 items from 5-10% import duty – mainly raw materials for pharmacology and food production, vegetables, seeds were included in the list. Duties on finished products remained virtually unchanged. The Ministry of Economic Development called the move one of the key responses to Western sanctions.

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