British metallurgists are asking the government to close the loophole for steel from the Russian Federation

Products from Russian steel processed in third countries are still imported into Britain and sold at lower prices.

British producers are asking the government to follow the EU’s example and close the sanctions loophole that allows indirect imports of Russian steel from third countries. The Telegraph writes about it.

In March 2022, the UK imposed a 35% import duty on all steel semi-finished products from Russia, and in April banned imports of rolled products from Russia. However, according to the trade division of UK Steel, Russian steel products processed in third countries, particularly in Turkey, are still imported to Britain and sold at lower prices than local producers are not satisfied.

At the same time, Brussels, within the framework of the eighth package, introduces tougher sanctions against the Russian Federation to prevent imports into the EU from third countries of Russian steel products, as well as with relation to the Russian semi-finished. products. Against this background, British industrialists fear that Russian steel previously supplied to the European Union will be redirected to Britain if the government does not take appropriate measures.

UK Steel CEO Gareth Stace said the United Kingdom has yet to implement a similar tightening of sanctions.

“As the EU rapidly tries to close the loophole, there is a real risk that more Russian steel will be diverted to the British market. We must ensure that our sanctions are as effective as possible, and the industry is not of Russia to profit through the “back door” at the expense of UK steel companies,” he said.

In turn, The Telegraph notes that Britain is increasingly dependent on foreign steel supplies. Thus, in 2021, 54% of the country’s demand was met through imports.

In addition, EU sanctions against Russia are in some cases not immediate. Thus, restrictions on the import of Russian slabs will come into effect on October 1, 2024. Most of Russia’s steel exports to the EU come from the NLMK Group, which supplies semi-finished products at its plants in Belgium, France, Denmark and Italy. The company said it will be able to operate during the transition, exporting more than 7 million tons until September 2024.

Recall that at the end of October, the UK authorities decided to stop importing liquefied natural gas from Russia from January 1, 2023.

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