Putin Says "No Need to Hoard Groceries"... Hoarding Intensifies in Russia as Well

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[Asia Economy Reporter Hyunwoo Lee] Russian President Vladimir Putin has stated that there is no need to stockpile groceries, as panic buying among Russians due to fears of the novel coronavirus infection (COVID-19) is intensifying.

According to TASS news agency, on the 17th (local time), President Putin, during a visit to the COVID-19 monitoring center with Russian Prime Minister Mikhail Mishustin, emphasized, "There is no need to stockpile groceries," adding, "The supply situation is reliable, and there is no need to be anxious." Until now, Russia had relatively fewer confirmed COVID-19 cases compared to other European countries, but with the number of confirmed cases suddenly rising to 114 on that day, fear has increased, triggering a wave of panic buying.

Earlier, the Russian Ministry of Agriculture established a committee to control and manage the food market situation, emphasizing that each regional government must secure at least two months' worth of food stock and instructed corresponding countermeasures. According to the Russian Association of Retailers (ACORT), there have been no problems in food distribution due to panic buying so far, but demand for certain items such as buckwheat, pasta, disinfectants, and toilet paper has suddenly increased.

Major Russian retail groups such as 'X5 Retail Group,' 'Magnit,' and 'Auchan' also reported increased consumer demand for grains, macaroni, grocery products, hygiene items, and detergents. TASS reported that online delivery companies are experiencing a surge in food orders, leading to extended delivery times.

This content was produced with the assistance of AI translation services.