EU to suspend duties on some fertilizers; not applicable to Russia, Belarus

BRUSSELS. May 22 (Interfax) - The European Union Council on Friday said that it would suspend customs duties on certain types of fertilizers for one year, though measure does not apply to Russia and Belarus.

"The EU has decided that the suspension will not apply to goods imported from Russia [...]. It will also not apply to goods imported from Belarus," the council said in the published statement.

"Today's decision provides European farmers with better access to reliable fertilizer supplies. This is good news for both the agricultural sector and EU consumers. At the same time, we are accelerating the transition away from Russian and Belarusian products and building more resilient supply chains and partnerships globally," said Makis Keravnos, Finance Minister of Cyprus, which holds the EU Council Presidency.

The publication says that customs duties are being suspended on key nitrogen fertilizers, including urea and ammonia. Brussels believes this measure is aimed at reducing costs for farmers and fertilizer producers in the EU. The European Commission estimates that it will save approximately 60 million euros in import duties.

According to the statement, "this will also reduce the EU's dependence on Russia and Belarus for fertilizers and help create a more diversified trading network in this area."

Additionally, the suspension enters into effect the day after publication in the EU's Official Journal and remains in effect for one year.