Press releases » Further exemptions to EU sanctions against Russia are historic mistake
Further exemptions to EU sanctions against Russia are historic mistake
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“EU Member States have made a historic mistake by granting further exemptions to imports of highly carbon-intensive Russian semi-finished steel products. This decision fuels a perverse system that not only weakens EU sanctions against Russia but also runs counter EU climate targets. The opportunistic interests of a handful of steel processing enterprises, taken up by a few Member States with a veto right, are undermining the objectives of the sanctions, where steel plays a strategic role not only in the overall Russian economy but also directly in the Russian military machine engaged in the war of aggression against Ukraine,” said Axel Eggert, Director General of the European Steel Association (EUROFER).
“Currently, Russian slabs are 26% cheaper than slabs from other third countries. It is clear why certain steel processing companies are determined to maintain the current bonanza they unfairly take advantage of,” he added, concluding: "If Ukrainian re-rollers operating in the EU can diversify their sources of imports of semis away from Russia, why not the few other importers?".
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Brussels, 25 June 2024 – The EU decision to continue the steel safeguard for another two-year period is a much-needed step towards ensuring the stability of the steel market amidst the highest levels of import penetration ever recorded in the EU. However, as global excess capacity is projected to increase even further in the coming years, a longer-term solution needs to be developed to address this structural challenge, says the European Steel Association.
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The existential threat posed by worsening non-market excess capacity cannot be ignored.