Costs of EU importers of Russian goods due to carbon tax may not exceed 2 bln euros a year

President of the Russian Union of Industrialists and Entrepreneurs Alexander Shokhin noted that the introduction of a cross-border carbon levy by the EU would not lead to an increase in prices on the Russian market

MOSCOW, September 14. /TASS/. The costs of importers of Russian goods to the European Union may not exceed 1-2 bln euros a year due to the introduction of cross-border carbon regulation by the EU, President of the Russian Union of Industrialists and Entrepreneurs Alexander Shokhin said in an interview with TASS.

“When this idea just appeared, naturally, we and international consultants began to give our assessments. According to the published draft regulation, it turns out that the annual costs of importers of Russian products to the EU will not exceed 1-2 billion euros per year, depending on the scope and specific mechanisms we will learn about no earlier than next year,” he said.

He added that by the time the regulation is adopted, it is likely to be relaxed.

“It should be borne in mind that there are active discussions in the EU now, the polarization of opinions by countries and sectors of the economy is visible, the degree of discussion at the international level is high. Most likely, by the time the regulation is adopted, it will be even softened so as not to provoke a global trade war,” Shokhin said.

Impact on the market

Alexander Shokhin added that the introduction of a cross-border carbon levy by the European Union (EU) would not lead to an increase in prices on the Russian market.

“We do not expect an increase in prices for the products of Russian companies due to the introduction of European regulation on the domestic Russian market; we should not overestimate its role and significance,” he said.

At the same time, according to him, the cross-border carbon levy will lead to an increase in prices in the European market, as well as a change in commodity flows around the world.

“Obviously, this will lead to an increase in prices in the European market. Importers will add their additional costs to prices. Given the scale of the European market, this will undoubtedly lead to changes in commodity flows around the world,” Shokhin added.

In December 2019, the European Commission (EC) launched the Green Deal project aimed at moving towards a greener life in the European Union, within which the EC intends to present a number of initiatives and bills in the coming years. The transition to a zero-carbon economy is planned by 2050. One of the measures under the Green Deal is the introduction of a carbon tax on imports of goods. Earlier it was reported that Russian exporters could pay between 6 bln and 50 bln euros in the form of a discussed cross-border carbon tax in the EU.

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