Expert rules out negative consequences for Russian economy amid EU duties on imports

The introduction of duties on imports of agricultural products and nitrogen fertilizers from Russia to the European Union will not have serious consequences for the Russian economy. This opinion was shared with "Izvestia" on January 29 by Maxim Chirkov, associate professor of the Department of Economic Policy and Economic Measurements of GUU.

"These are just another restrictions that will not actually lead to any serious negative consequences in the Russian economy. In general, it is clear that already many Russian companies have diversified their supplies and interact with companies from around the world, many are ready for such unfriendly actions on the part of Western countries," he explained.

Chirkov added that such restrictions are illogical and will have a negative impact on the European agricultural industry, which is already in a difficult state. At the same time, Russia's position in the agricultural market is quite stable

"Russia since 2022 has been quite effectively applying such an anti-sanctions policy, also protecting its own industry, limiting the supply of goods softly or harshly unfriendly countries. This is one of the reasons for the record growth of the Russian economy, which by all indications will intensify," the expert summarized.

The European Commission approved duties on a number of agricultural products from Russia and Belarus and some nitrogen fertilizers on January 28. At the same time, the export of Russian agricultural products and fertilizers to third countries will remain unchanged.

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