EU suspends customs tariffs on fertilizers for 1 year

The EU suspended customs duties on key nitrogen-based fertilizers for one year to ease the impact of the Iran war and the Strait of Hormuz crisis on European farmers.

The Council of the European Union announced on Friday it temporarily suspended tariffs on essential fertilizers like urea and ammonia.

The European Union excluded products imported from Russia and Belarus from this tariff suspension.

The council stated the measure aimed to mitigate price increases stemming from the near-total closure of the Strait of Hormuz.

The UN Food and Agriculture Organization (FAO) warned in April that a prolonged blockade of the strait could trigger an agri-food catastrophe.

Officials expect the suspension to save farmers and the fertilizer industry approximately €60 million ($69.6 million) in import duties.

The council limited the tariff exemption to a specific quota to protect the interests of European fertilizer producers.

The new measure will enter into force the day after the EU published the decision in its Official Journal.