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Russia Hikes Import Tariffs for Consumer Goods from 'Unfriendly Countries'

A Russian national tricolor flag flutters on a tourist boat as another boat passes by along the Moskva river in central Moscow on July 18, 2024. (Photo by Natalia KOLESNIKOVA / AFP)
A Russian national tricolor flag flutters on a tourist boat as another boat passes by along the Moskva river in central Moscow on July 18, 2024. (Photo by Natalia KOLESNIKOVA / AFP)
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Russia Hikes Import Tariffs for Consumer Goods from 'Unfriendly Countries'

A Russian national tricolor flag flutters on a tourist boat as another boat passes by along the Moskva river in central Moscow on July 18, 2024. (Photo by Natalia KOLESNIKOVA / AFP)
A Russian national tricolor flag flutters on a tourist boat as another boat passes by along the Moskva river in central Moscow on July 18, 2024. (Photo by Natalia KOLESNIKOVA / AFP)

Russia increased imports tariffs for consumer goods, including candies, biscuits and shampoo, produced in countries that support sanctions against Moscow, according to a government order published late on Friday.

Russian imports from nations that imposed sanctions against Moscow over its military conflict with Ukraine slumped in 2022.

Some Western producers stopped selling to Russia, but Moscow has found roundabout ways to keep goods coming, including a grey imports scheme, and plenty of foreign goods remain on store shelves.

According to the order, the tariffs for perfume, cosmetics and shampoo from Poland, for example, will amount to 35% of the customs value. Duties for wallpapers from Lithuania, Latvia and Estonia will rise to 50%.

The new tariffs will be in place until and including Dec. 31 2024 and take effect seven days after publication.

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Moody’s Upgrades Türkiye’s Ratings to B1 on Tight Monetary Policy

A street vendor waits for customers at an underground passage in Istanbul, Türkiye, July 11, 2024. (Reuters)
A street vendor waits for customers at an underground passage in Istanbul, Türkiye, July 11, 2024. (Reuters)
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Moody’s Upgrades Türkiye’s Ratings to B1 on Tight Monetary Policy

A street vendor waits for customers at an underground passage in Istanbul, Türkiye, July 11, 2024. (Reuters)
A street vendor waits for customers at an underground passage in Istanbul, Türkiye, July 11, 2024. (Reuters)

Ratings agency Moody's upgraded Türkiye’s ratings to "B1" from "B3" on Friday, citing improvements in governance and a tighter stance on monetary policy.

Backed by President Recep Tayyip Erdogan and spear-headed by Finance Minister Mehmet Simsek, Türkiye has been implementing a tight monetary and fiscal policy since last year to tackle soaring inflation. Annual inflation dipped to below 72% last month from above 75% in May, which is seen as the peak.

Türkiye’s central bank has raised its main rate to 50% from 8.5% since Simsek was appointed last year.

The country's central bank has recently said it will maintain its tight monetary policy stance until a permanent decline in inflation is achieved. In June, the central bank reiterated that disinflation would take hold in the second half of the year.

Last month, the international crime watchdog, Financial Action Task Force (FATF), removed Türkiye from its "grey list" of countries that require special scrutiny, in a boost to the country's economic turnaround plan.

Moody's is the first credit ratings agency to announce new ratings for Türkiye following the FATF decision.

Lower current-account deficit and improvement in the central bank's financial position has materially reduced the country's external vulnerability, Moody's said.

"Earlier concerns over rising risks of a full-blown balance of payments crisis - which had triggered successive downgrades to the B3 rating level - have for now dissipated," the agency added in a statement.

The agency also maintained its "positive" outlook on Türkiye, expecting authorities to maintain its tight economic policy stance for longer.