Reshetnikov announced the extension of the parallel import program after 2022

Russian Minister of Economic Development Maxim Reshetnikov said that the parallel import program in Russia will be extended until the end of 2023, along with other measures to support the import of goods into the country. Previously, parallel imports were legalized until the end of 2022. Mr. Reshetnikov also noted the extension of a number of anti-crisis measures related to trade within the country.

The minister said that parallel imports, a simplified procedure for declaring imported products and speeding up customs procedures have been extended in Russia.

“To date, 37 anti-crisis measures have been extended for another year. These are, of course, regulatory measures related to the simplification of cargo flows and trade within the country and when crossing the border, protecting the interests of landlords in front of tenants from unfriendly countries, and simplifying the sale of certain types of medicines,” the minister said during a meeting on the development of the Northwestern Federal District ( quote by “RIA News”).

Russian President Vladimir Putin legalized parallel import at the end of June of the current year. As part of this decision, it is allowed to import goods approved by the Ministry of Industry and Trade that are legally delivered to third countries, but are not allowed by the manufacturer to be imported into Russia. In the list of goods allowed for parallel import, in particular, included electronics, several brands of auto chemical goods and tools necessary for the Russian industry. In the Ministry of Industry and Trade reportedthat the volume of parallel imports since the launch by mid-August reached almost $6.5 billion. According to Deputy Prime Minister and Minister of Industry and Trade Denis Manturov, by the end of the year this figure could rise to $16 billion.

Read more about what market participants say about parallel imports in the Kommersant FM article. “Parallel imports are working at half strength.”

Lusine Balasyan