Antitrust says checking top retailers over possible price collusion

MOSCOW, Aug 13 (PRIME) -- The Federal Antimonopoly Service is conducting extraordinary checks of Russia’s top retailers, X5 Group, Magnit and Lenta, on suspicion of price collusion, if proven it can lead to fines of 15% of annual revenue, the authority said in a statement Friday.

"The Federal Antimonopoly Service is conducting anti-cartel checks of the largest retail chains. Extraordinary on-site checks are being held in Pyaterochka, Perekrestok, Karusel, Lenta and Magnit. The checks began after complaints of citizens about growth of prices, with a goal of preventing ungrounded increases in prices for socially important staple foods," the authority said.

The antitrust said that combined revenue of the retailers, which are under scrutiny, exceeded 4 trillion rubles in 2020.

(73.5671 – U.S. $1)

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