Minpromtorg ready to reduce duties on cosmetics after the lifting of sanctions

The authorities are ready to reduce duties on foreign cosmetics and household chemicals if unfriendly countries lift sanctions against our exporters. Decisions will be made individually for each brand. The Ministry of Industry and Trade explained to Izvestia that in the conditions of sanctions the Russian market continued to develop, so now it is important to preserve the result. "We must proceed from the fact that we create additional preferences for those domestic companies that, against the background of the departure of certain brands, were able to quickly establish production and provide our retail with the necessary products," the ministry said. However, the main sanctions that have become painful for domestic exporters are financial and technological. For example, disconnecting companies and banks from settlements using the international financial system SWIFT, which was comfortable for foreign trade settlements. According to Georgy Ostapkovich, Director of the Center for Conjunctural Research at HSE ISSEK, Russia promptly created a domestic alternative, but its use still faces certain difficulties. Limitation of access to technologies and innovations, the main suppliers of which were the European Union and the United States, became painful. “And here we can cope independently, but it will be long and expensive, and at this time the whole world will not stand still,” said Ostapkovich. It is important for Russian exporters to return to foreign payment systems and technological solutions. Foreign clothing brands will have serious difficulties if they want to return to Russian shopping centers. Large foreign clothing brands that left Russia in 2022-2023 returned to informal dialogue with the country’s shopping centers. At the same time, all high-quality and central places in shopping centers are already occupied by domestic companies, and lease agreements are concluded for 5-10 years. In this regard, foreign brands will literally have to pay for their return to Russia.

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