(MENAFN) By the end of the year, parallel imports into Russia might total around USD16 billion, according to Denis Manturov, deputy prime minister and minister of industry and trade in Russia.
According to Prime news site, he told the media that during the previous three months, the amount had already reached around USD6 billion, “we can say that somewhere around $16 billion will be the result of parallel imports mechanism by the end of this year.”
Parallel imports, according to Manturov, are a " living mechanism" in Russia, with the list of commodities covered by the program continually changing in reaction to decisions made by foreign firms over whether or not to continue selling their products in Russia.
Parallel imports, often known as "gray" imports, describe the practice of importing genuine goods through unofficial supply channels without the owner of the intellectual property's consent. Moscow legalized parallel imports earlier the current year to satisfy domestic demand for imported products after Western penalties forced many international businesses to halt operations in — and supplies to — Russia.
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