Czechia seeks extension of steel sanctions exemption from Russian company
Illustrative photo (Photo: Getty Images)
Czechia requests an extension of the preferential period for importing from the Russian steel company Novolipetsk Steel (NLMK). This is necessary for Prague's automotive industry, according to Politico.
The automotive sector is a cornerstone of Czechia's economy, contributing to around 10% of the national GDP—a figure that stands among the highest globally.
The country hosts major manufacturers such as Škoda and the Czech branch of Hyundai Motor. Czechia stands as one of the leading centers for automotive production in Europe.
"Manufacturers need steel, which makes up a large proportion of the body and many other components of a car. And NLMK is a crucial supplier: It produces nearly all of its flat and long steel products in Russia, but nearly a quarter of its rolling operations are sited in Europe, closer to its industry customers," the material notes.
Currently, Czechia is requesting an extension of one of these transitional periods until 2028 to continue using steel from NLMK, one of the four largest steel companies in Russia.
Sanctions against Russia
The European Union has already approved 11 sets of sanctions against the Russian Federation. The restrictions affect, for instance, goods that could be used in the production of weaponry. Specifically targeted are individuals and entities responsible for the invasion of Ukraine and assisting in continuing the conflict.
Currently, the EU plans to agree on the 12th package of anti-Russian sanctions, which will include new lists of personal restrictions and export sanctions, particularly regarding diamonds. Recently, the European Union, in conjunction with the European Commission, presented its proposals for the 12th package of sanctions against Russia to the EU Council.
