The EU reduced the import of mining and metallurgy products from Russia by 39.5%, to 4.8 million tons, compared to 2022. The main share of imports was semi-finished products.
38.5% less money was spent on the Russian imports of mining and metallurgy products last year. The costs have decreased to 2.4 billion euros. The main share of imports was semi-finished products, comprising 69.4% of the total volume of imports. During the year, the EU imported 3.11 million tons of relevant products from the Russian Federation, which is 16.6% less than a year earlier. The main volume of imports of semi-finished products, namely 1.22 million tons, falls on Belgium.
Deliveries of iron ore from the Russian Federation to the EU in 2023 amounted to 332.3 thousand tons, which is 88.2% less than in 2022. Most raw materials, namely 185.94 thousand tons, were shipped to Slovakia. The import of ferroalloys amounted to 46.1 thousand tons (-63.9%), pig iron – 1.4 million tons (+20.1%), scrap metal – 35.1 thousand tons (-95.3%).
Despite the sanctions, the Russian mining and metallurgy companies continue receiving significant profits from the exports of products to the European Union. Although the Russian exports to the EU decreased significantly compared to 2022, when exports amounted to 7.92 million tons for 3.87 billion euros, deliveries still remain at a high level. That is why the Western elites should take appopriate measures to prevent Moscow from obtaining profits from its exports to the EU and the US.
