EC Will Introduce Tariffs on Grain in the Amount of €95 per 1 Ton

The European Union is preparing to impose tariffs on grain imports from Russia and Belarus

It will be the first restrictions on Russian food since the full-scale invasion in Ukraine. As the Financial Times writes, in the coming days the European Commission will announce a duty of 95 euros per ton on grain from Russia and Belarus.

According to analysts, this will lead to a price hike of at least 50%, which will destroy demand. Tariffs of 50% will also be imposed on oilseeds and their processing products.

In 2023, imports from Russia of grain, oil crops and their derivatives reached a record 4 million tons, which is 1% of the total consumption in the EU.

The European Union produces more than 300 million tons of grain and oil crops per year. So it has no need for Russian and Belarusian imports.

The duty will be set at the maximum level allowed by WTO rules. Russia may retaliate, but it has already banned most food imports from the EU. Many European companies in the sector have left the country in recent years.

Earlier it was reported that Latvia finally banned the import of grain and vegetables from Russia.

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