Despite the ongoing aggression of Russia against Ukraine and the sanctions imposed by the European Union, Russian producers continue to reap significant profits from the export of metal products and raw materials, including pig iron and steel semi-finished products. In 2024, the export of these products from Russia to the EU exceeded $2.75 billion.
This is reported by Finway
According to data, the import of Russian pig iron to the EU rose to 474,540 tons in January 2025, compared to 36,300 tons in the same month last year and 600 tons in December 2024. During the period from January to February 2025, pig iron, steel semi-finished products, and direct reduced iron held leading positions among EU imports from Russia. Overall, the European Union imported 1.35 million tons of metallurgical raw materials of Russian origin, which is 71% more than in the previous year.
Experts’ Doubts About Sanctions
Experts express concerns regarding the actual effectiveness of the current sanctions, pointing to the existence of “exceptions” that allow Russian steel producers to continue exporting to European markets. Moreover, metal products from Russia are sold in European markets at lower prices, which negatively impacts Ukrainian exporters and European manufacturers. Such circumstances require urgent review and correction.
“The situation needs correction”