Bloomberg: EU seeks exending preferential period for Russian steel imports
Photo: EU intends to extend the preferential period for the import of certain types of Russian steel (Getty Images)
The European Union intends to extend the preferential period for the import of certain types of Russian steel until 2028, writes Bloomberg.
"The EU banned imports of rolled, semi-finished steel products from Russia in Oct. 2022, but granted a grace period for shipping some goods through Oct 1, 2024," says the article.
Bloomberg reports that this period will be extended until October 2028. However, these measures still need to be approved by EU member states, and they may change before then.
The preferential period allows Russia's largest steel producer, PJSC Novolipetsk Steel (NLMK), which is not under EU sanctions, to supply steel slabs for processing at a joint venture with the investment arm of the government of Wallonia in Belgium, which owns plants across Europe.
The company requested an extension of the preferential period in exchange for investing in a new electric arc furnace, which is expected to make the production more environmentally friendly.
Background
Earlier, Politico reported that Czechia is requesting an extension of the preferential period for the import of Russian steel from the Novolipetsk Metallurgical Plant. This is necessary for Prague's automotive industry.
By the end of November, the Czech government expressed confidence that the country would receive an exemption from sanctions against Russia concerning the import of Russian steel.
