According to Der Spiegel, German Finance Minister and Vice Chancellor Lars Klingbeil stated ahead of the upcoming “Steel Summit” on November 6 that all steel imports from Russia must be halted immediately.
Klingbeil emphasized that Russian steel slabs produced in Russia but processed within the European Union remain unsanctioned, saying: “It’s impossible to explain to the workers in our steel industry why Europe is still keeping its market doors open to Putin.”
He called for “more European patriotism” in response to global overcapacity and dumped steel prices, stressing the need to strengthen domestic production: “We need more local manufacturing and a clear focus on climate-friendly, high-quality steel made in Germany and Europe. In critical sectors like infrastructure and automotive, priority must be given to steel produced here.”
In the context of EU sanctions
Earlier this year, the European Commission approved a proposal to impose additional tariffs on certain agricultural products and nitrogen fertilizers imported from Russia and Belarus. On October 23, the European Union formally adopted its 19th sanctions package against Russia, which includes measures targeting the oil, gas, and financial sectors, as well as the so-called “shadow fleet” used to circumvent restrictions.
Market implications
Klingbeil’s remarks are seen as part of Europe’s broader efforts to reduce its dependence on Russian steel supplies and maintain economic pressure on Moscow amid ongoing geopolitical tensions.
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