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EU Approves Sweeping Tariffs on Russian, Belarusian Grain Imports

30.05.2024 12:23
The European Union has approved stringent tariffs on grain imports from Russia and Belarus, marking a significant shift in its trade policy. 
Photo: PAP/Przemyslaw Piatkowski

The new duties, set to take effect on July 1, were endorsed by the trade ministers of the Member States following a proposal by the European Commission in March.

The tariffs will dramatically increase from their current rates, which are near zero or even zero for some products. Commission Vice-President Valdis Dombrovskis announced the decision on the social media platform X, stating that the measures aim to stabilize the EU market, reduce Russia's export revenue, and curb illegal exports of Ukrainian grain stolen by Russia.

This move comes amid calls for tougher trade restrictions led by a coalition of countries spearheaded by Poland. These nations have expressed concerns over the influx of Russian agricultural products, especially as the EU had imposed its own restrictions on Ukrainian agricultural imports last year and plans to introduce further limits in the future.

The decision is not only driven by economic factors but also by political and moral considerations. The European Union is keen to align its trade policies with its broader geopolitical stance against Russia's actions in Ukraine. By imposing these tariffs, the EU aims to exert further pressure on Moscow while supporting Ukraine in its ongoing conflict with Russia.

The new tariffs are expected to significantly impact the trade dynamics within the region, as the EU has been a significant market for Russian agricultural products.


Source: IAR