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Russia sanctions: What are 'grey markets' and how they can help Moscow's economic recovery?
Europe banning Russian oil ‘painful,’ but must be done: Latvia defense minister
Latvia Deputy Prime Minister and Defense Minister Artis Pabriks says maximum sanctions must be placed on Russia in order to end its war on Ukraine.
Russia has approved "grey markets" as an additional tool to maintain its recovery momentum – but what are these markets and how have they actually helped Moscow with its sanctions headache?
"The Russian markets – its economy as we know – they’re very different from what we know in the United States," Anthony Kim, a research fellow in economic freedom at the Heritage Foundation, explained to FOX Business. "The lack of transparency, accountability…far less efficient and clean."
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Russian Prime Minister Mikhail Mishustin has approved these markets – also referred to as "parallel imports" – as a way to support small and medium-sized businesses in the country as Moscow continues to combat the effects of severe sanctions from the West over the invasion of Ukraine.