The European Union will increase grain tariffs from Russia and Belarus by 50%

Brussels. The commerce ministers of the European Union (EU) agreed to extend tariffs on cereals, oilseeds and derived merchandise from Russia and Belarus by 50 %, as a way to cease their imports and hinder one of many sources of revenue to finance the aggression. to Ukraine whereas defending potential disruptions to the EU market from a rise in imports in 2023.

Tariffs will probably be 95 euros ($102.76) per ton for cereals and 50% for oilseeds. As well as, Russia and Belarus will now not have entry to any of the EU’s grain quotas beneath the World Commerce Group (WTO), which supply higher tariff remedy for some merchandise.

The ministers’ resolution follows a proposal from the European Fee on March 22.

“The brand new tariffs set in the present day are meant to successfully cease grain imports from Russia and Belarus into the EU,” stated Vincent Van Peteghem, Finance Minister of Belgium, which holds the rotating presidency of the EU.

“These measures will subsequently stop the destabilization of the EU grain market, cease Russian exports of grain illegally produced within the territories of Ukraine and stop Russia from utilizing the proceeds from exports to the EU to finance its conflict of aggression. in opposition to Ukraine,” he added.

Russia exported 4.2 million metric tons of cereals, oilseeds and derived merchandise to the EU in 2023, price 1.3 billion euros (1.4 billion {dollars}), whereas Belarus exported 610 thousand tons, price 246 million of euros.

The Fee has stated there was a threat of elevated imports, provided that complete Russian wheat exports had risen to 50 million tonnes from the standard 35 million.

Neighborhood sources have indicated that Russian grain imports signify one % of all cereal imports, a “small” determine in comparison with all manufacturing and imports from different third nations, however which elevated “singularly” in 2023. which is why it has been determined to take this “preventive” measure as a “defend” for the EU market.