European Parliament Increases Tariffs on Russian and Belarusian Products
Parliament approves a 50% tariff increase to reduce dependency on imports amid ongoing geopolitical tensions.
On Thursday, members of the European Parliament (EP) voted in favor of increasing tariffs on fertilizers and certain agricultural products from Russia and Belarus in a bid to diminish the European Union's dependency on these imports.
The approved measures are part of a broader strategy to address trade vulnerabilities in the context of the ongoing conflict in Ukraine.
The European Parliament endorsed a proposal from the European Commission that specifies a 50% tariff increase on selected products.
The affected items include sugar, vinegar, flour, and animal feed.
According to the agreement, a tariff of 6.5% will be levied on fertilizers imported from Russia and Belarus, with additional charges of €40-45 per ton scheduled for the period 2025-2026. By 2028, the tariff rates are expected to rise to €430 per ton.
The rationale behind these increased tariffs is linked to the revenue generated from the sale of Russian and Belarusian fertilizers, which is believed to directly fund military actions against Ukraine.
The new tariffs aim to significantly reduce EU imports of the specified goods, regardless of whether they come directly from the two countries or are exported through intermediaries.
This policy shift is anticipated to lead to further diversification in the EU's fertilizer production, which is currently influenced by low import prices.
In addition, the regulation mandates the European Commission to monitor price fluctuations and assess potential harms to the internal market and the EU agricultural sector, with a view to mitigating negative impacts.
The legislative measure was approved with 411 votes in favor, 100 against, and 78 abstentions.
Members of the Fidesz party abstained from the vote, while the representatives from the Tisza Party did not participate.
The Democratic Coalition (DK) supported the proposal, whereas a politician from the Mi Hazánk party opposed it.
The approved measures are part of a broader strategy to address trade vulnerabilities in the context of the ongoing conflict in Ukraine.
The European Parliament endorsed a proposal from the European Commission that specifies a 50% tariff increase on selected products.
The affected items include sugar, vinegar, flour, and animal feed.
According to the agreement, a tariff of 6.5% will be levied on fertilizers imported from Russia and Belarus, with additional charges of €40-45 per ton scheduled for the period 2025-2026. By 2028, the tariff rates are expected to rise to €430 per ton.
The rationale behind these increased tariffs is linked to the revenue generated from the sale of Russian and Belarusian fertilizers, which is believed to directly fund military actions against Ukraine.
The new tariffs aim to significantly reduce EU imports of the specified goods, regardless of whether they come directly from the two countries or are exported through intermediaries.
This policy shift is anticipated to lead to further diversification in the EU's fertilizer production, which is currently influenced by low import prices.
In addition, the regulation mandates the European Commission to monitor price fluctuations and assess potential harms to the internal market and the EU agricultural sector, with a view to mitigating negative impacts.
The legislative measure was approved with 411 votes in favor, 100 against, and 78 abstentions.
Members of the Fidesz party abstained from the vote, while the representatives from the Tisza Party did not participate.
The Democratic Coalition (DK) supported the proposal, whereas a politician from the Mi Hazánk party opposed it.
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