EU Sanctions Are Powerless to Deter Putin - Mr Ryzhenkov
Strategic Research Institute
Published on :
6 Feb, 2023, 6:06 am
Metinvest Group’ CEO Mr Yuriy Ryzhenkov in an interview with The Telegraph while speaking Western sanctions against Russia said “Many sanctions have a delayed effect. Many sanctions start working only after a few months, if not years. Therefore, it is currently difficult to assess the absolute effectiveness or effectiveness of the sanctions policy. Some sanctions, in my opinion, do not work properly, for example, sanctions on the import of steel semi-finished products to Europe. There is not even a loophole, but a quota for Russians for the next two years for the supply of semi-finished products, for example, from steel, without any restrictions. And this quota is approximately equal to the average volume of supplies of Russian semi-finished products to the EU over the past five years.”
Mr Ryzhenkov added “So, basically, it doesn't even stop anything. In the UK, the situation is different. However, it may be the result of Metinvest being the main buyer of steel slabs in the country. And, of course, we do not buy Russian. However, in Europe there is a demand for a large amount of rollover. Many companies engaged in the processing of semi-finished products into finished products are imported from Russia. The main importing countries are Belgium and Italy. We are talking about millions of tons per year. Actually, they punish producers who refuse to work with Russia. Honest producers who refuse to buy from Russia are put at a disadvantageous competitive position. This also applies to Metinvest, as we have a plant in Newcastle and two factories in Italy.”