VIDEO: Sugar Shortage at Russian Stores

The Federal Antimonopoly Service of Russia has commenced inspections at major sugar producers. The inspections are being conducted against the backdrop of a "sharp rise in sugar prices, as well as the unjustified shortage of products in the market," the service explained.

Conclusions regarding the presence or absence of violations will be drawn based on the results of the inspection activities and the analysis of the information obtained, the agency noted.

Moreover, videos circulating on the internet show long queues forming in stores for sugar.

Earlier on Thursday, the service reported that it is inspecting market participants, including producers, retailers, and intermediaries, to prevent delays in retail sugar supplies. According to Rosstat, consumer prices for sugar in Russia increased by 12.8% during the week from March 5 to 11. The pace of sugar price growth has become record-breaking in the food product market. Since the beginning of the year, sugar prices have risen by 20.4%.