Russia’s new tariffs on ‘unfriendly nations’ likely to impact Hungary

Russia has announced new punitive tariffs on imports from countries it deems “unfriendly,” effective 1 January 2025. These measures, primarily targeting agricultural and food products, could affect Hungary despite minimal trade in the impacted categories.

As Portfolio reports, according to Russia’s state news agency TASZSZ, the tariffs will increase by an average of 10%, affecting goods such as meat, fish, vegetables, fruits, seeds, flour, pasta, sauces, and beverages. Notably, duties on beer and cider will surge from EUR 0.10 per litre to EUR 1 per litre.

The Kremlin claims the move aims to bolster domestic industries and counteract Western sanctions imposed on Russia. Countries labelled “unfriendly” include those supporting sanctions and political measures against Moscow. Hungary has been on this list since March 2022.

While Hungary’s trade volume in these categories with Moscow is negligible, the tariffs underscore the growing economic rift between Moscow and Western-aligned nations, highlighting the broader implications of geopolitical tensions.

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