In a strategic shift, the upcoming 13th EU sanctions package will target Russian iron ore, a move that can be seamlessly countered by tapping into Ukraine’s abundant iron ore reserves. This decision marks a significant milestone in the EU’s rigorous sanctions regime against Russian commodities. Russia’s iron ore exports to the EU amounted to a substantial 3 million tons in 2022, a demand Ukraine is well-positioned to fulfill, thereby revitalizing its dormant production facilities.
Ukraine has a wealth of high-caliber iron ore production enterprises, including the Poltava Mining and Processing Plant within Ferrexpo plc and the robust mining and processing conglomerates within the Metinvest group.
The package is not only aimed at isolating Russian raw material exports but also positioning the European market as the prime benefactor of Ukraine’s superior mining and metallurgical industry. Ukrainian metallurgical products, widely recognized for their superior quality over Russian analogs, are set to redefine the standards in the European industrial landscape.
