ALEXANDER KNOBEL: "PARALLEL IMPORTS ARE NOT A SALVATION FOR THE RUSSIAN ECONOMY, BUT A TOOL TO MITIGATE THE IMPACT OF SANCTIONS"

The Ministry of Industry and Trade has expanded the list of goods for parallel imports, according to Kommersant. Alexander Knobel, Head of the International Trade Department at the Gaidar Institute, shared his opinion on whether such a mechanism could rescue the Russian economy.

"Parallel imports are not a salvation, but they can mitigate the negative impact of sanctions for a certain period of time. This is a common global practice when it is needed to solve the issues of the domestic market. One should not expect miracles from such a scheme, however, growth in the volume of imported products can be expected around $2-3bn a year. This is especially relevant in such sectors as electronics, machinery and equipment, and vehicles," the economist said.