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Tuesday, June 25, 2024

The European Union will increase import duties on grain from Russia and Belarus

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European Union countries made the final decision on Thursday to impose higher customs duties on cereals, oilseeds and related products imported from Russia and Belarus. Higher customs duties are intended to stop grain imports from these countries to the EU.

The EU will increase import duties on cereals, including wheat, corn and rye, as well as on oilseeds and related products, as well as beet pulp and dried peas. Russia and Belarus. The regulation on this matter will apply from July 1 this year.

Higher rates on products from Russia and Belarus

Poland appealed for the EU to impose higher customs duties, The czech republic and the Baltic countries.

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Russia and Belarus will be subject to higher customs duties than other third countries. Grain importers from these countries currently pay no or very low tariffs. Products covered by the regulation approved by EU countries will also be deprived of access to EU tariff quotas.

The regulation notes that grain imports have increased significantly since the Russian attack on Ukraine in 2022. As we read, Russia remains a relatively small supplier of grain to the EU market, but considering that it is one of the largest global producers, it could easily and quickly redirect significant amounts of grain supplies to the EU, which would lead to market disruptions EU.

Illegal appropriation

“There is also evidence that the Russian Federation is currently illegally appropriating large amounts of grain and oilseeds produced in the territories of Ukraine that it illegally occupies, and is directing these products to its export markets as allegedly Russian,” the legislator argues in the regulation.

The new regulations will not cover cereals from Russia and Belarus, which are subject to transit within the EU.

Belarus has been subject to tariffs to prevent the potential diversion of Russian grain through the country.

Main photo source: Shutterstock

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