In the first half of 2024, the European Union imported 2.87 million tons of metallurgical raw materials of Russian origin, spending it 1.4 billion euros. These data, obtained from the GMK Center calculations based on Eurostat information, emphasize the duration of economic relations between the EU and Russia despite sanctions.
The bulk of imports are semi -finished products, including slaves and workpieces, of which 1.71 million tons have been purchased for six months. The largest importers of Russian slabs were Belgium, Italy, Denmark and the Czech Republic. Italy and Latvia also buy significant volumes of Russian cast iron. In addition, the import of Russian ferroalloys increased significantly - by 74.3% more than the same period of 2023.
GMK Center analysts say that Russian manufacturers offer their products at significant discounts, making their offers attractive to European buyers. An important reason is that the EU sanction packages have not included a complete ban on the import of metallurgical products from Russia. The European Commission has decided to weaken restrictions on the import of slabs, which is concerned that such actions can influence the removal of restrictions on other categories of products, such as cast iron.
Despite the calls of PACE deputies to strengthen sanctions against Russian metallurgy, Russia was able to continue the quotas for import of Russian slabs for another four years, instead of the planned completion in September 2024. This will allow Russia to supply products to the EU for more than 8 billion euros.
