Russian embargo: EU customs relief?

Will the EU reduce customs on Icelandic imports?

Will the EU reduce customs on Icelandic imports? Photo: AFP

Iceland has asked the European Union (EU) to reduce its customs duties on imports from Iceland in order to soften the impact of the current Russian embargo.

Russia has placed an embargo on Icelandic food imports in response to Iceland’s support for European Union (EU) sanctions against Russia.

As reported previously by Iceland Monitor, the potential impact of Russian sanctions on Iceland could be very serious indeed – particularly as regards fisheries products – with export revenue losses potentially running into the billions of ISK.

Iceland hopes to counter some the negative effects of the embargo by securing a reduction of EU customs duties on imports of food from Iceland.

Talks with the EU are expected to get under way soon, according to Icelandic Foreign Minister, Gunn­ar Bragi Sveins­son­. Sveinsson spoke with High Representative of the European Union for Foreign Affairs and Security Policy, Federica Mogherini, on Friday.

The first consultation meeting between the Icelandic government and interested parties in the fisheries sector on the subject of the Russian embargo is scheduled to begin at 2pm today.

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