EU countries propose to increase the duty on products and fertilizers from Russia and Belarus

Several EU countries have called for an increase in tariffs on imports of food, fish and fertilizers from Russia and Belarus.

An increase in tariffs would reduce the economic influence of Russia and Belarus on the EU market. This is reported by Bloomberg with reference to informed sources.

Despite this, some EU countries insist on the need to carefully analyze the possible consequences of such a step for prices on the European food market. The adoption of new trade measures in the European Union, unlike sanctions, does not require the unanimous support of all members of the bloc, which simplifies the process of making such decisions.

Currently, the EU is studying the goods on which the duty can be increased. European fertilizer producers support the idea of ​​introducing additional restrictions on fertilizer imports, which could strengthen the protection of the local industry.

Although Russia is the world’s largest fertilizer exporter, supplies from the Russian Federation have declined due to logistical and payment difficulties caused by the war. However, according to the Russian Association of Fertilizer Manufacturers, exports are recovering and this year may reach the record figures of 2021.

Meanwhile, the EU is working on a new package of sanctions, which is likely to be approved after the end of Hungary’s presidency of the EU Council. Next year, the presidency will pass to Poland, which may affect support for anti-Russian measures in the bloc.

We will remind you that the European Parliament believes that EU sanctions against Russia’s tanker fleet are not enough. Over the past year, the number of tankers transporting Russian oil has doubled. About 70% of this oil brings Russia $12 billion.