PhosAgro Warns of Billions in Losses from EU Carbon Tax
- Europe is looking at a carbon tax to meet climate goals
- Russian companies may face up to $8 billion in losses: Guryev
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PhosAgro PJSC, Russia’s biggest producer of phosphate fertilizer, is calling for the government to help mitigate potentially billions in losses for the country’s raw-materials producers if Europe introduces a carbon tax.
The European Union is looking at how a potential carbon tax could help meet its 2050 goal of climate neutrality. If imposed, the levy would hit imports, including raw materials and products produced in countries without duties on emissions, such as Russia. The European Commission, the bloc’s executive arm, will next propose a draft regulation on the levy in June 2021.