Parallel imports hit $6.5bn since May

The volume of goods imported into Russia by parallel imports since its launch in May has already reached about $6.5 billion, told in an interview with Interfax, Deputy Prime Minister, Minister of Industry and Trade Denis Manturov. The official noted that it is quite difficult to give “accurate forecasts” on the total volume of parallel imports. But, based on statistics for the past 2.5 months, we can expect that the volume of imports of goods through this mechanism by the end of the year will be about $16 billion, Manturov added.

Importers have no problem labeling goods imported through parallel imports. “Customs warehouses and all the infrastructure involved in labeling imported products are operating normally,” he said, adding that the operators of the labeling system have a six-month supply of equipment and consumables.

The list of goods that fell under the parallel import mechanism was worked out for a long time, because the government tried not to harm Russian and localized foreign enterprises, but at the same time ensure the availability of products, Manturov explained. Therefore, the goods of companies that localized production or resumed deliveries were not included in the lists, he added.

In May, the Ministry of Industry and Trade approved a list of goods for parallel import that can be imported into the Russian Federation without the consent of the manufacturer or copyright holder. The list of 50 categories includes cars and spare parts, pharmaceutical products, household appliances, smartphones and appliances, railway locomotives and rolling stock, trams, equipment, boats, living trees, etc. At the end of June, Russian President Vladimir Putin signed law that legalizes parallel imports by 2022

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