Former adviser to Putin suggested fighting price increases like in the 1990s

Former Putin adviser Glazyev proposed to introduce export duties on commodities

Minister for Integration and Macroeconomics of the Eurasian Economic Commission and ex-adviser to the President Sergei Glazyev proposed to Vladimir Putin's Russia to fight inflation with the help of export duties on commodities, Vedomosti writes.

In his opinion, the current measures to combat price increases are controversial, others are needed. “It seems to me that the best way would be to protect our economy from an inflationary wave from abroad – to use the instrument that we actively used in 1992-1993 – to introduce export duties on commodities, which are subject to price inflation,” he suggested he.

Additional income can be directed to targeted investment programs, says Glazyev. For example, increase import substitution. This will saturate the market with goods and reduce inflation by increasing the supply of its own goods, said the ex-adviser to Putin.

Similar measures are already being taken by the authorities. So, due to a sharp rise in metal prices, the government introduced export duties on the export of non-ferrous and ferrous metals from August 1 to December 31, 2021.

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