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Russia’s antitrust watchdog fears bankruptcy of sugar factories due to decline in prices

According to official data, there are 75 sugar factories located in 22 regions of the country

© Alexander Ryumin/TASS

MOSCOW, November 5. /TASS/. Russia’s Federal Antimonopoly Service (FAS) does not rule out the bankruptcy of "a number of sugar factories" due to a drop in the price of sugar. This is according to the documents of the Expert Council of the Committee on the Agro-Industrial Sector under the Federation Council, upper house of parliament, prepared for the meeting on the development of the sugar market in Russia.

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"The FAS is concerned about the situation in the sugar market due to an unprecedented drop in prices for these products in the domestic market due to the accumulation of significant stocks. Despite the fact that in the short term such a drop in prices is beneficial for consumers, in the medium term it may lead to the bankruptcy of a number of sugar factories, and especially those that are not part of vertically integrated agricultural holdings," the regulator says.

Many of these sugar factories are city-forming enterprises that provide tax revenues to the regional budget. According to FAS forecasts, bankruptcies can lead to a significant change in the balance of power in this market and the emergence of dominant companies.

According to the FAS, there are 75 sugar factories located in 22 regions of the country.

According to the Russian Union of Sugar Producers (Soyuzrossakhar), since 2016 the volume of production of beet sugar in Russia exceeds the volume of consumption, which has led to the formation of stocks. In the 2019-2020 season, the volume of beet sugar production in Russia can reach more than 6.7 million tonnes with a consumption of 5.8-5.9 million tonnes, the FAS states.

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