EU to slap steep tariffs on Russian grain

The European Union will impose prohibitive tariffs on cereals, oilseeds and derived products from Russia and Belarus from July 1, a move that will “in practice” halt imports of these products.

The tariffs will be US$102.76 per ton for cereals and 50 per cent for oilseeds.

“The new tariffs set today aim to stop the imports of grain from Russia and Belarus into the EU in practice,” said Belgian finance minister Vincent Van Peteghem.

“These measures will therefore prevent the destabilization of the EU’s grain market, halt Russian exports of illegally appropriated grain produced in the territories of Ukraine and prevent Russia from using revenues from exports to the EU to fund its war of aggression against Ukraine.”

Source: The Producer