Brussels: The EU has taken a significant step by suspending customs duties on crucial nitrogen-based fertilizers for one year. This move aims to alleviate the challenges European farmers face due to the ongoing Iran war and the Strait of Hormuz crisis.

According to Anadolu Agency, the Council of the European Union announced the temporary suspension of tariffs on essential fertilizers, including urea and ammonia, on Friday. However, this suspension does not apply to products imported from Russia and Belarus.

The measure is designed to address the sharp price increases resulting from the near-total closure of the Strait of Hormuz. In April, the UN Food and Agriculture Organization (FAO) warned that a prolonged blockade of this strategic passage could lead to a severe agri-food crisis.

Officials anticipate that this tariff suspension will save farmers and the fertilizer industry approximately £60 million ($69.6 million) in import duties. The council has imposed a specific quota on the tariff exemption to safeguard the interests of European fertilizer producers.

The measure will come into effect the day after its publication in the EU's Official Journal.