EU implements new regulations to significantly increase import tariffs on grain from Russia, Belarus
(MENAFN) In a continued effort to pressure Moscow and its allies over the Ukraine conflict, the European Union has implemented new regulations to significantly increase import tariffs on grain from Russia and Belarus. According to a statement from the European Council, these "prohibitive" levies, set to take effect on July 1, will target cereals, oilseeds, and their derivative products, as well as beet-pulp pellets and dried peas from the two countries.
The European Union emphasized that the heightened tariffs are designed to effectively halt the import of these agricultural products, stating that these goods will also be excluded from the Union’s tariff rate quotas. However, the regulation will not impede the transit of these items through the EU to third countries.
European Union ministers justified the measure by asserting that it will prevent the destabilization of the bloc’s grain market and reduce the revenue that Moscow generates from agricultural exports. European Commission President Ursula von der Leyen initially proposed these tariffs in March, highlighting the need to mitigate the "growing risk" to European Union markets and farmers posed by the influx of Russian and Belarusian grain.
While the exact tariff rates were not disclosed in the latest statement, a March report by the Financial Times suggested that the levies would increase by EUR95 (USD100) per ton for cereals and 50 percent of the value for oilseeds and derived products.
This regulatory move underscores the European Union's strategic efforts to strengthen economic sanctions against Russia and Belarus, aiming to limit their financial resources amid the ongoing geopolitical tensions related to the Ukraine conflict.
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