Changes in export tax in Eurasian Union will lead to price growth

Eurasian economic Union excluded 75 countries from the list of developing countries, thus terminating duty preference terms for them. Starting since October 2021, the exporters from those countries will have to pay 100% of duties instead of former 75%.

The Union members are Russia, Belarus, Kazakhstan, Kyrgyzstan and Armenia. “Some of the countries with preferences are nowadays in better economic situation than our Union members, and our decision will help to save more than $100 million yearly,” declared Andrey Slepnev, Trade minister.  However, among countries that used to benefit from the preference duties were Russian partners for fruit and vegetables export, such as Turkey, Argentina, China, India, Chile and RSA. That definitely means that the price for their produce will increase for end consumers in Russia, Belarus etc. Again.