The European Union (EU) agreed to increase tariffs on grain imports coming from Russia and Belarus. The Bloomberg report indicates that the tariff increases will begin on July 1st, 2024.

The EU began imposing tariffs on Russian grain imports in an effort to punish Russia for its role in the Ukraine-Russia War in conjunction with its additional goal of protecting EU farmers from significant price drops. Which would happen if Russia and/or Belarus began flooding the European grain market with cheap imports. That would create an impossible economic scenario for EU farmers to compete in since the price of the Russian and Belarusian grain would be much lower than the best price EU farmers could offer. Which could potentially bankrupt EU grain farmers.

This grain dispute is one of many heightened tariffs that have been imposed by the EU on Russian products. In a effort to deter Russia from furthering its role in the Ukraine-Russia War, the United States and EU began levying tariffs and sanctions on Russian products, Russian business people, and Russian businesses. These economic disputes will likely continue until the Ukraine-Russia War comes to a conclusion. However, as of now, both sides remain steadfast in their positions on this highly controversial war.

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By: SportsLifeMoney™ Staff