ST.PETERSBURG, June 3. / TASS /. The Russian economy may lose in the event of price isolation of its domestic market from the international one, said the head of the Russian Audit Chamber Alexei Kudrin in an interview with the TV Rain channel at the St. Petersburg International Economic Forum (SPIEF) on Thursday.

"Prices on the market must follow both market rules and global trends. If it costs this much, then it costs this much, even if it is associated with some imbalances in the case of some countries. We know: years crop failure, years of overproduction - and prices follow these trends, and we must deal with this, because if we create some kind of our own domestic market, different from the world one, then, most likely, this will lead to a distortion of benchmarks for our industry as well. And we can lose in a long-term trend," he said.

Earlier it was reported that the Russian authorities at the end of 2020 announced a set of measures in connection with the rise in food prices in Russia, among them the conclusion of agreements on the stabilization of prices for sugar and sunflower oil produced in Russia. In addition, at the end of 2020, a number of Russian developers complained about an increase in the cost of rolled metal, which contributed to an increase in the cost of construction. At the same time, from February 1, 2021, protective duties (5%, but not less than 45 euros per tonne) were introduced on waste and scrap of ferrous metals, it was also proposed to transfer the purchases of metal products by developers directly from manufacturers, excluding the trader link.

The 24th St. Petersburg International Economic Forum is being held on June 2-5. The forum’s business program will focus on the global and Russian economies, social issues, and technological development. TASS is the information partner and the official photo hosting agency of the forum.