Back in the USSR: Russia to set price caps on 'socially important' foods

With the Russian economy reeling from the collapse of the ruble and falling oil prices, it looks like the government of President Vladimir Putin is resorting to some moves from the old politburo playbook. The Russian news website Meduza reports that the country's largest grocery chains, under pressure from the government, have "agreed to freeze prices on so-called 'socially important' foods for the next two months."

Those foods reportedly include an array of meats, dairy products, sugar, salt, and other staples.

If the chains fail to voluntarily freeze prices, there is a risk that they could be accused by government authorities of price-gouging, according to Meduza.

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