The European Union's decision on prohibitive duties on grain imports from Russia and Belarus has come into force

Published 2024년 7월 2일

Tridge summary

The European Union has imposed significant duties on grain imports from Russia and Belarus, with tariffs potentially reaching 50% of the market price per crop. This move is aimed at curbing the influx of Russian grain and reducing its agricultural income, and is also seen as a strategy to favor Ukrainian agricultural exports. However, these duties are expected to negatively affect European food and port industries and may result in higher costs for EU countries, particularly Italy and Spain, which rely on Russian durum grain. The tariffs do not extend to grain transit through EU ports to third countries.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Prohibitive EU duties on grain from Russia and Belarus have come into force. According to the EU Council resolution of May 30, from July 1, tariffs on grain imports from Russia and Belarus have been significantly increased; they can reach 50% of the market price of individual grain crops. According to the head of Rosselkhoznadzor Sergei Dankvert, these actions will not have a big impact on Russia, but this decision will hit the European food and port industries, while Russia can easily diversify the market. TASS reports about this. According to the EU Council, the purpose of the duties developed by the European Commission is to “stop the destabilization of the European market by Russian grain” and try to reduce Russia’s agricultural income. In reality, we are talking about an attempt to free up at least a small share of the European market for the import of agricultural products from Ukraine, which has already led to overstocking and farmer protests in Europe. According to the EU ...

Source: Agrosektor