The European Union approved prohibitive duties on Russian agricultural products

Published 2024년 5월 30일

Tridge summary

The Council of the EU has decided to increase import duties on grain, oilseeds, their products, peas, and molasses beet pulp from Russia and Belarus to prohibitive levels, effective July 1. The duties will either be set at €95 per tonne or 50% of the product's value. This move is aimed at preventing the destabilization of the EU market and is directed towards large reserves of these products in Russia. Despite contributing only 3% to the total market volume, the move is expected to significantly impact European countries importing these products from Russia. The decision comes in response to a substantial increase in Russian grain exports to the EU, which rose from 960 thousand tons in 2022 to 1.5 million tons in 2023.

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Original content

The Council of the EU adopted a resolution to increase import duties on grain, oilseeds and their products from Russia and Belarus to prohibitive levels. This measure will also affect peas and molasses beet pulp. Depending on the product, duties will increase to €95 per tonne or up to 50% of the value. The decision will come into force on July 1. “The regulation increases duties on grains, oilseeds and their products from Russia and Belarus to such an extent that, in practice, imports of these products will cease,” says a statement on the EU Council website. It is also clarified that the increase in duties will not affect the transit of goods through EU ports to third countries. Imports of grain products into the EU from Russia increased significantly after February 24, 2022, the report notes. “Although the Russian Federation remains a relatively small supplier of these products to the EU market, it is the world’s leading producer and exporter of these products,” acknowledges the ...

Source: AgroInvestor