EU takes steps to suspend duties on Ukrainian yacht imports

The European Commission has proposed to suspend all import duties on Ukrainian exports to the European Union. The proposal, designed to help boost Ukraine’s exports to the EU, would include recreational boats and other vessels used for pleasure or sports, such as rowing boats and canoes.

This unprecedented step is designed to help Ukrainian producers and exporters in the face of Russia’s military invasion. The proposal needs to be agreed by the European Parliament and the Council of the EU before implementation.

European Commission president Ursula von der Leyen, says: “Russia’s unprovoked and unjustified aggression is severely affecting the Ukrainian economy. I have been in discussions with President Zelensky on ways of supporting the economy, beyond the macro-financial assistance and grants we are providing. We both agree on the critical importance of a quick and broad import duty suspension to boost Ukraine’s economy. The step we are taking today responds to this call. It will greatly facilitate the export of Ukrainian industrial and agricultural goods to the EU. We continue to stand by Ukraine in these dire times.”

European Commission executive vice-president and commissioner for trade, Valdis Dombrovskis, says: “The EU has never before delivered such trade liberalisation measures, which are unprecedented in their scale: granting Ukraine zero tariff, zero quota access to the EU market. Since the start of Russia’s aggression, the EU has prioritised the importance of keeping Ukraine’s economy going – which is crucial both to help it win this war and to get back on its feet post-war. These measures will directly help Ukrainian producers and exporters. They will inject confidence into the Ukrainian economy and send a strong signal that the EU will do whatever it takes to help Ukraine in its hour of need.”

The news comes as the EU leader called for a ban on Russian oil imports, in the bloc’s sixth and latest package of sanctions. AP reports that von der Leyen, addressing the European Parliament in Strasbourg, France, proposed to the EU’s member nations to phase out imports of crude oil within six months and refined products by the end of the year.

“We will make sure that we phase out Russian oil in an orderly fashion, in a way that allows us and our partners to secure alternative supply routes and minimizes the impact on global markets,” von der Leyen said.

In March, the EU announced its fourth round of sanctions, which extends to a ban on all luxury goods being exported to Russia, including recreational boats. In the same month, Ukrainian RIB manufacturer BRIG, headquartered in Kharkiv, issued a statement confirming its headquarters had temporarily closed in the face of the invasion.