VINACHEM

EU countries on Thursday gave final approval to new tariffs on fertilizer imports from Russia, a move aimed at cutting off revenue that could support Moscow’s war in Ukraine, despite concerns from European farmers.

Justice ministers from the EU’s 27 member states signed off on the measure during a meeting in Luxembourg. The regulation, which also targets additional agricultural products and includes Russia’s ally Belarus, will take effect next month.

“These measures increase our economic security by reducing dependencies on Russia,” said Michal Baranowski, Poland’s undersecretary of state for trade. “We are further reducing Russia’s export revenues and therefore its ability to finance its brutal war. This is united Europe at its best.”

The new tariffs apply to nitrogen-based fertilizers and other farm goods not yet covered by earlier sanctions that went into effect last year. The levies will increase gradually until 2028, at which point they are expected to make Russian imports commercially unviable.

European farming groups had opposed the move, warning it could raise fertilizer prices amid continued reliance on Russian supplies. – Source: The Moscow Times