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Total cartel damage can reach up to 2% of GDP in Russia - monopoly watchdog

According to the country’s Federal Antimonopoly Service deputy head Andrei Tsyganov, "tender collusion accounts for 85% of cartels"

STAVROPOL, July 24. /TASS/. The total cartel damage in Russia is estimated at 1.5-2% of GDP, according to the files released by the country’s Federal Antimonopoly Service (FAS).

"The total cartel damage (in Russia is estimated at - TASS) 1.5% to 2% of GDP," the regulator said.

According to FAS’ deputy head Andrei Tsyganov, "tender collusion accounts for 85% of cartels."

"This is a huge problem, which takes billions of rubles from the Russian budget and Russian consumers," he said at the regulator’s meeting on Monday.