9,097.15 TL BIST 100 BIST 100
31.30 $ USD USD
€33.84 EUR EUR
45.26 TL Interest Interest
83.55 $ Fossil Oil Fossil Oil
23.12 $ Silver Silver
3.85 $ Copper Copper
113.89 $ Iron Ore Iron Ore
392.00 $ Ship Dismantling Ship Dismantling
2,100.60 TL Gold (gr) Gold (gr)

Despite all the sanctions, European countries imported 1,361 million tons of steel from Russia in the first quarter

With the sanctions imposed by the EU Commission after the War between Russia and Ukraine, Russia's foreign trade relations with European countries were adversely affected.

Despite all the sanctions, European countries imported 1,361 million tons of steel from Russia in the first quarter

In the face of the harsh anti-war policies of the EU Commission, various sanctions packages were prepared by the European Commission in order to wear Russia down economically.

The iron and steel industry was also adversely affected, based on foreign trade relations, in the face of the sanctions on the policy of marginalizing Russia.

Among the sanctions determined by the European Commission, there were also clauses such as preventing investments in Russia's energy sector and preventing iron and steel imports.

After these sanctions imposed on Russia were breached in time, the European Commission, once again, decided to create new sanctions in order to prevent shadow entities in Russia and third countries from being circumvented and to circumvent the imposed sanctions.

In this context, a wide range of restrictions were applied to Russia, including trade, finance, energy, industry, technology, transportation, dual-use and luxury products, including oil and coal, and gold. assets frozen.

Despite all these sanctions, import and export relations between the European Union countries and Russia continued through legal loopholes. Even though there is a significant decrease compared to 2022, Russia gained 662.11 million Euros against 1,361 million tons of steel products with its exports to European Union countries in the first quarter of 2023. It was noted that these values decreased by 58.7% on product basis and by 53.1% on value equivalent, compared to the same period of the previous year.

According to the data obtained from Eurostat sources, when the iron and steel products exported by Russia to EU countries in the first quarter of 2023 are analyzed, it is seen that Russia exports mostly semi-finished products to the EU. The figure, which was announced as 839,000 tons, decreased by 39% compared to the same period of 2022.

On the European side, Belgium was the country that imported the most semi-finished products from Russia with 347,7 thousand tons. The value of Belgium's imports was recorded as 179.28 million Euros.

The country that imported the most pig iron was Italy, with an increase of 5.5% compared to the same period of the previous year. Russia's earnings from 248.3 thousand tons of imported pig iron were announced as 100.5 million Euros.

As of the first quarter of 2023, there was a serious decrease of 86.6% in iron ore compared to the previous year. The value of 197.99 thousand tons of iron ore exported by Russia decreased by 83.9 percent to 33.3 million euros.

In the first quarter of this year, Slovakia was the country that exported the most iron ore from Russia. The value of 126,3 thousand tons of iron ore exported to Slovakia by Russia was determined as 21.98 million Euros.

In Ferroalloys, it was seen that the Netherlands supplies its main volume through Russia. Importing 7.91 thousand tons of ferroalloys, the Netherlands realized its import value of 26.49 million Euros.

In the first quarter, the amount of scrap imports from Russia decreased by 85.5% and was recorded as 8.11 thousand tons. In this process, the country that imported the most scrap from Russia was Lithuania. Lithuania imported 7.1 tons of scrap from Russia for 14.33 million Euros.


No comment yet.

Only +plus subscribers can access this content.

SUBSCRIBE now to share your thoughts on the markets and get more comments.
SUBSCRIBE If you already have an account Sign In

Most read news

Explosion at Tosçelik granule factory

Sunday, February 25, 2024

Minister Tunç announced whether the '25 percent' limit on rents will be extended

Sunday, February 25, 2024

UAE invests $35 billion in Egypt

Sunday, February 25, 2024

The US imposes sanctions on 93 entites, including Türkiye: Here are 16 targeted companies from Türkiye

Saturday, February 24, 2024

Steel sales in Germany increased around 74 percent in January

Thursday, February 22, 2024
Follow List
Your watch list is empty

Add your favorite commodities for quick access and don't miss the latest price change news.

There are no news categories you follow
Edit Notification Preferences
E-bulletin subscription
Sign up to receive the latest news and daily iron prices by e-mail and sms
Become a Plus Subscriber Now!
Try it free for 3 days!
Subscribe Now
Neutral Prices
Be informed
Provincial Iron Prices
Comments and Analysis
Subscribe Now