EU Imposes Steep Tariffs to Secure Food Supply

The European Parliament has taken decisive action by voting in favor of imposing steep tariffs on fertilizers and specific farm products from Russia and Belarus. This move is expected to thwart potential threats to the European Union's food security and limit funding available for Russia's ongoing war in Ukraine.

Under the new legislation, tariffs on nitrogen-based fertilizers will rise sharply over three years, reaching a prohibitive 100%. For farm produce, including meat, dairy, and various fruits and vegetables, an additional 50% duty will be applied. The changes are set to come into effect on July 1, substantially affecting EU imports, particularly from Russia, which previously accounted for a significant portion of the bloc's supply.

The tariffs aim to support domestic production and encourage sourcing from other regions. They are designed with potential mitigation measures for EU farmers who may face increased costs. While impacting imports, the tariffs will not affect the transit of Russian agricultural goods to third countries, ensuring global supply lines, especially to developing nations, remain intact.

(With inputs from agencies.)