EU Temporarily Suspends Fertilizer Duties Amidst Hormuz Crisis Impacting Global Trade
The European Union has announced a temporary suspension of customs duties on key nitrogen-based fertilizers, including urea and ammonia, for one year. This decision is a response to the disruptions caused by the Iran war, which has led to the near-total closure of the Strait of Hormuz, a critical shipping route for global fertilizer trade. The EU's move aims to mitigate the impact of rising global fertilizer prices, despite the region's limited direct dependence on Middle Eastern fertilizers. The suspension will not apply to imports from Russia or Belarus and is limited to a quota based on 2024 import volumes. The measure is set to take effect shortly after publication in the EU's Official Journal. 
