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Russia Increases Import Tariffs for Consumer Goods from 'Unfriendly Countries'

POSTED ON July 21, 2024 •   Business      BY Abiodun Saheed Omodara •   VIEWS 135
A Russian national tricolor flag flutters on a tourist boat as another boat passes by along the Moskva river in central Moscow on July 18, 2024. l Photo Credit: Natalia KOLESNIKOVA /AFP

Russia has raised import tariffs for various consumer goods such as candies, biscuits, and shampoo from countries that have imposed sanctions against Moscow.

This move comes as a response to the decline in Russian imports from nations that have placed sanctions on Russia due to its military conflict with Ukraine.

Despite some Western producers halting sales to Russia, the country has found alternative methods to ensure goods continue to flow in, including a grey imports scheme.

The government order specifies that tariffs for items like perfume, cosmetics, and shampoo from Poland will be set at 35% of the customs value, while duties for wallpapers from Lithuania, Latvia, and Estonia will increase to 50%.

These new tariffs will remain in effect until December 31, 2024, and will be implemented seven days after their publication.

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