Expert predicts price rise in EU if duties on Russian agricultural products are imposed

The European Commission (EC) intends to impose duties on agricultural products from Russia and Belarus, Maxim Chirkov, associate professor of the Department of Economic Policy and Economic Measurements of GUU, told "Izvestia" on January 29.

Earlier, on January 28, it was reported that the EC plans to introduce duties on agricultural products, nitrogen fertilizers from Russia and Belarus. The corresponding statement was published on the website of the organization.

"The European economy is perhaps the most affected by sanctions due to the current geopolitical developments. New restrictions, especially in such important sectors as fertilizers - will not add optimism," Chirkov said.

According to him, the European Union (EU) agricultural industry is already in a difficult situation, as evidenced by mass protests of citizens in Germany, Poland and other countries.

"Restrictions on imports of agricultural products from Russia will lead to an increase in food prices in Europe, which will primarily hit EU citizens. This step will cause the greatest harm to the European economy," Chirkov explained.

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According to the expert, Russian suppliers will easily find new markets for their products, while European countries will face additional economic difficulties.

The expert also noted that the previous sanctions packages have already caused significant damage to the European economy, and the new measures may aggravate the situation, especially in the agricultural sector, which is already going through bad times.

"The Russian economy demonstrates one of the highest growth rates among the world's major economies, while many European countries are on the verge of recession or even depression. New restrictions will only accelerate these negative processes," Chirkov summarized.

Earlier, on January 27, Mikhail Belyaev, a financial analyst and candidate of economic sciences, told Izvestia about Russia's strong position on the global fertilizer market. According to him, Russia is a gas-producing country and produces these fertilizers in large quantities, its position is very strong, as there are not many competitors on the international raw materials market due to the lack of raw material base. In addition, Russia continues to hold a leading position in exports in the global commodities market, as modern agriculture and agronomy are impossible without the use of fertilizers.