The EU is preparing to introduce tariffs on grain imports from Russia and Belarus. This will be the first restriction on food products after the full-scale invasion of the Russian Federation into Ukraine, reports RBC-Ukraine with reference to information from the Financial Times.
According to Financial Times, it is expected that the EU Commission will introduce a duty of 95 EUR/t on grain from Russia and Belarus in the coming days.
This tariff implementation “will lead to an increase in prices by at least 50% and destroy demand.” A 50% duty will also be imposed on oilseeds and their processing products. The interlocutor of the publication clarified that the duty will be set at the maximum level allowed by the rules of the World Trade Organization.
It is also indicated that in 2023 the total import of grain, oilseeds and products of their processing reached a record mark of 4 mln tonnes, which is 1% of the total consumption of the EU.