Despite the sanctions imposed against the Russian Federation, European Union countries continue to purchase significant volumes of metallurgical products from Russia. According to Metinvest Group representative Angelina Chachuna, in 2023, the volume of metal purchases from Russia amounted to 2.9 billion euros, while in 2024 it is expected to be 2.6 billion euros. The main buyers remain enterprises belonging to large Russian metallurgical groups that have production facilities in the EU.
This is reported by Business • Media
Impact of Cheap Imports on the Economy and Ecology of the EU
Iron ore extraction and steel production are the second most important sectors of the Russian Federation’s economy, making a significant contribution to the country’s GDP and providing revenue to the budget. Over three years of full-scale war, European countries have spent more than 5 billion euros on the purchase of Russian slabs—semi-finished products for steel production. At the same time, the price of such slabs is on average 80 euros lower compared to other suppliers due to Russia’s access to cheap energy resources and labor.
Threat to Climate Goals and the Need for Stricter Sanctions
Although sanctions on the import of Russian steel slabs to the EU are already in effect, they contain a transition period that allows several countries to continue their purchases. This situation undermines the incentives for transitioning to environmentally friendly production and threatens the achievement of the European Union’s climate goals.
“This undermines the incentives for transitioning to environmentally friendly production and threatens the realization of the EU’s climate goals,” emphasized Chachuna, adding that to prevent this situation, final restrictions should be imposed on the import of Russian metallurgical products to the EU.
Metinvest Group calls for enhanced sanctions and a complete halt to the import of Russian metallurgical products into the European market to ensure sustainable development and meet environmental standards.