Germany calls on EU to stop buying Russian steel
Photo: The German government has called for a halt to steel imports from Russia to the European Union (Getty Images)
German Vice Chancellor and Finance Minister Lars Klingbeil has called on European Union countries to stop importing steel from Russia, ntv reports.
Klingbeil emphasizes that Russian steel slabs (plates), which are then processed in EU countries, are still not subject to sanctions.
Klingbeil stresses that it is impossible to explain to any employee in their steel industry why Europe is still leaving the market open to Putin.
He also explains that slabs are the main raw material for the production of steel sheets and panels, and therefore, such a loophole in the sanctions is unfair.
EU sanctions against Russia
The EU continues to increase economic pressure on Russia. In particular, the 19th package of sanctions is aimed at limiting energy revenues and countering the shadow fleet.
The sanctions apply not only to the main companies Lukoil and Rosneft, but also to dozens of subsidiaries, including Lukoil Perm, Lukoil Western Siberia, the Kuibyshev Oil Refinery, Rosnefteflot, Prime Shipping, and others.
The UK has issued a special license allowing companies to cooperate with two German subsidiaries of Rosneft, which are under German state control due to sanctions against the Russian oil company.
The US and the European Union are increasing sanctions pressure on Russia, leading to a decline in industrial production, an increase in borrowing costs, and a further weakening of the country's economy.
Read more about how the new US and EU sanctions will affect the Russian economy in the article by RBC-Ukraine.
