Sergey Kondratiev, Deputy Head of the Economic Department of the Institute for Energy and Finance, commented to the Internet portal Gazeta.Ru on new EU restrictions on imports of Russian steel and iron.
The European Union has introduced the fourth package of sanctions against Russia due to conducting a military special operation in Ukraine. The export of a number of steel and iron products fell under the new restrictions. Among them are metal-coated sheets, rebar and wire products, welded and seamless pipes and other categories. The total damage to Moscow from the termination of the transit of steel and iron was estimated by European Commission analysts at €3.3 billion.
Sergey Kondratiev, senior expert at the Institute for Energy and Finance, noted that it would now be almost impossible to find a replacement for Russian titanium on the world metal market.
“In 2021, Moscow accounted for about 27 thousand tons of titanium. This is about 13% of world exports. In the case of steel, the loss of the European market will not be so dramatic for Russia - already now up to 50% of manufactured products fall on the domestic market,” Kondratiev concluded.
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