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Russia: First sugar price-fixing cases launched

 |  January 25, 2015

Russia’s anti-monopoly watchdog said Friday it had launched two cases against companies suspected of colluding to artificially hike the price of sugar.

Average food prices climbed 15.9 percent in Russia, but the price of some products has risen much faster and authorities are stepping in to curb the inflation.

“The first case was opened on the sugar market last week in Penza. Three factories are suspected of a conspiracy to create an unjustified price for sugar,” the Federal Anti-Monopoly Service said. Russia’s Prosecutor General’s Office responded with a four day wave of price checks at supermarkets nationwide.

If companies are found guilty of collusion to fix prices they could be fined up to 15 percent of their revenue, according to the watchdog.

Full Content: The St. Petersburg Times

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