The Russian government has signed a pact with major Russian food producers and retailers to freeze prices.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more


The deal comes after talks between the Russian Agriculture Ministry and industry bodies, according to local reports.


Leading companies signed the agreement, which covers basic staple foods and is aimed at tackling rising food price inflation, yesterday (24 October) at the Agriculture Ministry.


The agreement has been backdated until 15 October, and will run through to 31 January. However, the Russian government has scrapped plans to impose an export tariff on wheat.


The move has been taken to halt inflation stemming from the country’s oil export boom and rising international food prices. The Putin administration is keen to stabilise food prices in the run-up to parliamentary elections in December. However, the measures have been criticised by some economists as a throwback to the Soviet era.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Moreover, some ministers have also been critical of the strategy, which will cover products such as milk, bread and sunflower oil. “Freezing prices is impossible,” Finance Minister Alexei Kudrin was quoted as saying. “This is a market, and market prices do not freeze. It would be a mistake.”


Meanwhile, the companies concerned denied being coerced into signing the agreement. “We took this step voluntarily,” said Anton Saraikin, a spokesman for Russian dairy group Wimm-Bill-Damm.


Around 20 retailers and food producers have reportedly signed the pact, including the Metro, X5 Retail Group and Lenta retail groups, dairy firms Wimm-Bill-Dann and Unimilk, and the vegetable oil producer Yug Rusi.