Europe hits Russia with new tariffs to hurt its war finances
The post Europe hits Russia with new tariffs to hurt its war finances appeared on BitcoinEthereumNews.com. EU countries gave the nod to additional tariffs on fertilizers and other agricultural goods from Russia and its ally Belarus to cut Moscow’s cash amid the raging war in Ukraine. The new duties are targeting products unaffected by previous punitive trade measures. They also aim to reduce the bloc’s dependence on Russian imports, seen as undermining its security. Brussels to tax Russian fertilizers Member states of the European Union approved new tariffs on some agricultural products and fertilizers imported from the Russian Federation and the Republic of Belarus. The adopted regulation will enter into force by July 1, 2025, the Council of the European Union announced Thursday, stating: “The aim is to reduce EU dependence on those imports as well as to reduce Russian export revenues, thereby limiting its ability to finance its war of aggression against Ukraine.” The new legislation concerns goods that were not subject to extra customs duties until now, the Council highlighted. The latest trade-restricting measures will apply to items that accounted for around 15% of all agricultural imports from Russia in 2023, its press release detailed. “In the case of fertilizers, the new tariffs will apply to certain nitrogen-based products,” the EU body said, assuring that the interests of European farmers and fertilizer producers will be protected. To achieve that, the tariffs will be increased gradually over the next three years.
The post Europe hits Russia with new tariffs to hurt its war finances appeared on BitcoinEthereumNews.com.
EU countries gave the nod to additional tariffs on fertilizers and other agricultural goods from Russia and its ally Belarus to cut Moscow’s cash amid the raging war in Ukraine. The new duties are targeting products unaffected by previous punitive trade measures. They also aim to reduce the bloc’s dependence on Russian imports, seen as undermining its security. Brussels to tax Russian fertilizers Member states of the European Union approved new tariffs on some agricultural products and fertilizers imported from the Russian Federation and the Republic of Belarus. The adopted regulation will enter into force by July 1, 2025, the Council of the European Union announced Thursday, stating: “The aim is to reduce EU dependence on those imports as well as to reduce Russian export revenues, thereby limiting its ability to finance its war of aggression against Ukraine.” The new legislation concerns goods that were not subject to extra customs duties until now, the Council highlighted. The latest trade-restricting measures will apply to items that accounted for around 15% of all agricultural imports from Russia in 2023, its press release detailed. “In the case of fertilizers, the new tariffs will apply to certain nitrogen-based products,” the EU body said, assuring that the interests of European farmers and fertilizer producers will be protected. To achieve that, the tariffs will be increased gradually over the next three years.
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