Abkhazia Unveils New Measures over Growing Economic Concerns

Abkhaz authorities have unveiled a set of measures over growing economic concerns, as Russia, the occupied region’s benefactor and main import partner is heavily hit by international sanctions over the invasion of Ukraine.

In particular, to prevent further price increases, the Abkhaz cabinet introduced a list of basic food products and set the maximum size of trade mark-ups.

The list includes sunflower oil, butter, milk, eggs, sugar, salt, black tea, ground rice, buckwheat, corn flour and corn grits, beans, vermicelli, and baby food.

The marginal size of surcharges for wholesale sales of goods has been set at a rate of no more than 10% of its customs value, while in the retail network no more than 12% of its wholesale price.

Also, until July 1, import tariffs are removed for goods analogues of which are not produced in Abkhazia.

This includes, eggs, tea, corn, rice, buckwheat, millet and canary seed, other cereals; sunflower, safflower or cotton oil, sugar, sulfates, fertilizers, plant growth regulators, disinfectants, a number of medicines and pharmaceuticals, cotton, etc.

Unveiling the measures, Abkhaz “economy minister” Kristina Ozgan commented:

“The government has taken a number of decisions in connection with a significant increase in food prices and other goods due to changes in economic conditions resulting from events taking place in the world and directly in the Russian Federation, bearing in mind that virtually all goods are imported” into Abkhazia.

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