By buying Russian metal products, Italian industrialists actually support Russia's military aggression against Ukraine. General Director of Metinvest Group Yuriy Ryzhenkov stated this in an interview for the Italian newspaper Corriere della Sera
The European Union, despite the imposed sanctions, in October 2022 allowed the additional import of 10.7 million tons of Russian steel to EU member states. This decision contributed to the continuation of the supply of Russian slabs to European markets, which, according to Ryzhenkov, undermines the Italian economy and contributes to the financing of Russia's war against Ukraine.
According to the initial agreements, the import of Russian slabs was supposed to end on September 30, 2024. However, last December, EU countries unanimously extended this deadline until 2028, which effectively allowed Russia to continue supplying its steel to Europe. The cost of this product is 15% lower due to lower electricity costs in Russia, which makes it attractive for Italian companies.
Yuriy Ryzhenkov drew attention to the fact that such a policy is destructive for Italian industry and contributes to the support of the Russian economy. In his opinion, a complete ban on the import of Russian slabs would not cause serious problems for European companies, as some representatives of the industry claim.
"Some Italian industrialists, buying slabs from Russia, are actually financing Moscow's military aggression," Ryzhenkov noted. He also added that this not only harms the Italian economy, but also undermines the efforts of honest manufacturers who deliberately refuse to buy Russian products.
Ryzhenkov also emphasized the paradox of the situation in Italy, where the government has regained control over factories in Taranto that previously belonged to the Indian company ArcelorMittal. These enterprises continue to work at low capacity, while some Italian entrepreneurs prefer Russian products, thereby undermining Italian industry.
Against the background of this situation, Rinat Akhmetov's "Metinvest" plans to invest in a plant for the production of green steel in Piombino, Italy. This will enable the company to link high-quality Ukrainian ore with steel production in Italy and promote the development of metallurgy in both countries.
Earlier, deputies of the Parliamentary Assembly of the Council of Europe called on the EU to strengthen sanctions against Russian metallurgy, noting that it continues to receive billions from the sale of products used to finance the war. Through pressure, the Kremlin managed to extend the quotas for the export of Russian slabs to the EU for another four years, which will allow Russia to get a profit in the amount of more than 8 billion euros.
