The European Union is discussing raising duties on additional agricultural and food products, as well as fertilizers from Russia and Belarus. This was reported by Bloomberg, according to UNN.
Details
According to the newspaper, several member states seeking to limit Moscow's revenues are calling on the bloc to impose massive duties on agricultural and fishery imports from Russia and Belarus into the EU, in addition to the higher grain duties imposed earlier this year.
Others called for caution, asking that the impact of any measures on European imports and food prices be assessed first, the anonymous sources said.
As the agency notes, trade measures do not always require the support of all member states, unlike sanctions. The EU is still analyzing which products it can target. Any move on fertilizers is likely to be welcomed by the European industry, which has been lobbying for protection.
However, according to one of the sources, the timing of the new duties is not yet clear, given the legal and political obstacles.
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Russia is the world's largest fertilizer exporter with an 18% market share. Although the industry is not under sanctions, it was forced to cut exports in the wake of Russia's invasion of Ukraine in 2022 due to logistical and payment issues. Since then, exports have recovered and are expected to reach the record level of 2021, according to the Russian Association of Fertilizer Producers.
Agriculture, forestry, hunting, fishing and fish farming accounted for about 2% of Russia's gross domestic product in the first half of this year.