Russia's monopoly watchdog reveals extend of total cartel damage

The total cartel damage in Russia is estimated at 1.5-2% of GDP, according to the files released by the country’s Federal Antimonopoly Service (FAS).

"The total cartel damage 1.5% to 2% of GDP," TASS cited the regulator as saying.

According to FAS’ deputy head Andrei Tsyganov, "tender collusion accounts for 85% of cartels."

"This is a huge problem, which takes billions of rubles from the Russian budget and Russian consumers," he said at the regulator’s meeting.