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New restrictions on trade between the EU and Russia

Нови ограничения върху търговията между ЕС и Русия

The European Commission intends to adopt at the EU summit on December 14-15 a program to assist Ukraine in the amount of 50 billion euros for the next four years.

Also, the EC is expected to reach an agreement on the 12th package of sanctions against Russia by the end of the year, the discussion on which is still ongoing between the EU countries.

Last week, a meeting was held in Canada, which was attended by the Prime Minister of the country, Justin Trudeau, the President of the European Council, Charles Michel, and the President of the European Commission Ursula von der Leyen.

"We will continue to impose broad sanctions targeting Russia, as well as strict export control restrictions and prohibitions." In addition, we are committed to further strengthening our cooperation and coordination on broader sanctions actions in support of our policy objectives," the joint statement said.

On the other hand, Russia's Ministry of Agriculture proposed to temporarily ban the supply of durum wheat from December 1, 2023 to May 31, 2024. First Deputy Minister of Agriculture Oksana Lut said earlier that the ministry also set a quota for grain exports from Russia in 2024 of 24 million tons.

Regarding the ban, the ministry clarified that the measure is aimed at ensuring food security and limiting consumer prices of products for the domestic market.

The new export quota (of 24 million tons) of wheat, barley, corn, rye outside of Russia will apply to countries that are not members of the Eurasian Economic Union. It is scheduled to enter into force from February 15 to June 30, 2024.

At present, the duty on the export of wheat from Russia will be 3,820.2 rubles ($43) per ton as of November 29, 2023, according to the Ministry of Agriculture.

Barley export duty will be zero. The corn levy will remain at 642 rubles ($7.22) per tonne, the ministry said.

The export duty rate for wheat is calculated at an indicative price of $253.7 per ton, for barley at $165.8 per ton, and for maize at $189.7 per ton.

Tariffs apply from the third business day after they are posted and will remain in effect until subsequent duties are applied.

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