European Union leaders on Thursday agreed to impose high tariffs on imports of grain and other agricultural products from Russia and Belarus.
The European Council said in a press release that the "prohibitive" new duties would effectively stop imports of cereals, oilseeds and derived products from the two eastern European countries.
The EU's grain imports from Moscow have risen since Russia's invasion of Ukraine in February 2022. Figures from the Eurostat statistics office show that imports grew from under €120 million ($130 million) in 2020 and €290 million in 2021 to €440 million in 2023.
Experts fear Russia is seeking to exploit the persistent struggles facing farmers in the EU by driving down prices with cheap agricultural exports.
The measures aim to "prevent the destabilization of the EU's grain market, halt Russian exports of illegally appropriated grain produced in the territories of Ukraine and prevent Russia from using revenues from exports to the EU to fund its war of aggression against Ukraine," said Belgian Finance Minister Vincent Van Peteghem.
The new regulation is not set to affect Russian exports transiting through the EU. European leaders aim to avoid causing price rises and scarcity in poorer regions more reliant on Russian grain.