In what can be understood as a first measure of retaliation against Argentina, on its decision to expropriate YPF, Spain is about to approve restrictions on biodiesel imports from the South American country.
President Cristina Fernández de Kirchner minimized Spain’s decision to reduce the biodiesel imports as a retaliation over the expropriation of YPF and called for “tranquility” after assuring that Argentina “is in condition to absorb” that production in the domestic market.
The Government today informed it has raised biodiesel export duties to 32%. Eleven decrees published today on the Official Gazette fixed new prices and removed reimbursements producers got from sales.
Biodiesel export duties will stand at 19.11 percent and will be updated every two weeks, Economy deputy minister Axel Kicillof announced.
Spain has lifted the biodiesel imports restrictions that had applied months ago after a bilateral dispute, the government announced after presenting a complaint before the World Trade Organization (WTO).
The European Committee has set new limits in biodiesel imports coming from Argentina and Indonesia, and determined that this product must be registered at Customs office before entering the EU territory.