The European Council has adopted a regulation allowing for trade liberalization and other trade concessions with regard to certain Ukrainian products for one year, as SteelOrbis previously reported. The council stated that the regulation, which will come into force on June 4, 2022, will apply to the products either in transit from Ukraine to the EU or under customs control in the EU. All antidumping duties and safeguard measures on Ukrainian products are also lifted.
According to the regulation, Ukraine should abstain from introducing new duties or from introducing any other restrictions on trade with the EU, unless clearly justified in the war context. In the event that Ukraine fails to comply with any of these conditions, the European Commission should be empowered to temporarily suspend all or part of the preferential arrangements established by this regulation. The customs duties may be reintroduced for imports of any products which threaten or cause serious difficulties to the EU producers, SteelOrbis understands.