EU market price reports, commodity trading data

EU Approves Higher Tariffs on Russian and Belarusian Grain Imports Starting in July

May 30, 2024, 09:52 AM

The European Union has approved a regulation to significantly increase tariffs on grain imports from Russia and Belarus. The European Council adopted this measure on May 30, aiming to curb the Kremlin’s revenues by imposing prohibitive duties on cereals, oilseeds, and derived products from these countries. The new tariffs, set to take effect in July, are expected to halt imports of these agricultural products, potentially exacerbating food inflation in the region.