Russia's anti-monopoly agency said Wednesday it was probing five leading sugar suppliers amid soaring prices and shortages in the wake of sanctions imposed on Moscow over Ukraine.
Russians rushed to supermarkets to stock up on bags of sugar, fearing price hikes as international sanctions flooded in, following the start of what Moscow calls a military operation.
The Federal Anti-Monopoly Service (FAS) said it will assess the "pricing of sugar" by five suppliers to shops, as well as the "reasons of the potential unfounded increase in prices and the reduced quantity of the product on the market".
The agency will also look into the "sugar sales chain, from producer to retailer," it said, noting that non-compliant companies may be fined up to 15% of their annual revenue.
According to business daily Kommersant, major supermarket chains Auchan, O'Key and Atac have turned down a request from authorities to voluntarily cap their price margin on sugar.
Fear of shortages and a hike in inflation since Russian troops entered Ukraine has led many Russians to stock up on food staples and medicines.
