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Food retail – proposition to limit import products to 50% of the assortment

According to Kommersant, the Moscow Region Duma has submitted a draft law to the State Duma that envisages limiting imported goods at 50% of the assortment of food retailers in Russia.

The initiative is aimed at providing further support for domestic producers in a situation where food retailers have replaced the products under embargo with foreign goods from other countries. The draft law envisages separating categories. We estimate the aggregated share of the imports at below 50% for companies in the convenience formats, while it would be hard to replace certain SKUs (such as beef and fruits and vegetables off season) due to domestic capacity limitations. This might result in shortages and a new wave of food inflation.

We highlight the vague outlook on how these initiatives might be implemented and so expect a limited market reaction to the update.

Daria Isakova, Vladimir Kolychev
VTB Capital analyst

food retail

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