In 2023, European Union countries imported metallurgical products from Russia worth €2.9 billion, and in 2024, an additional €2.6 billion, despite the sanctions imposed. This was stated by Angelina Chachuna, a representative of the Metinvest group. She noted that iron ore extraction and steel production remain the second most significant sector in the economy of the Russian Federation in terms of GDP contribution and budget revenue.
This is reported by Finway
The Problem of Russian Slabs in Europe
Over the three years of full-scale war, EU countries have spent more than €5 billion on purchasing Russian slabs—semi-finished products for steel production. The main buyers have been factories belonging to large Russian metallurgical holdings that have production facilities in the EU. Despite the sanctions on Russian steel slabs, the current transitional period allows certain countries to continue purchasing them. Russian slabs are on average €80 cheaper, thanks to producers’ access to cheap gas, electricity, and labor.
Impact on EU Environmental Goals
“This undermines incentives for transitioning to environmentally friendly production and jeopardizes the achievement 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 into the EU.
Experts stress that the cost of cheap Russian raw materials creates uneven conditions in the market and complicates the implementation of environmental standards in Europe’s metallurgy. Industry representatives are urging the EU to intensify sanctions against Russian metallurgy to protect the European market and stimulate the “green” transition in the industry.