One more Russian industry has problems with exports due to the strengthening of American sanctions and the mass blocking of bank payments.

Thus, Russian metallurgists faced a sharp drop following coal companies, which lost 17% of exports in January-June. According to Russian Railways, the export of metals by rail decreased by 14% compared to the corresponding period last year – to 13.1 million tons.

TMK, Russia’s largest producer of steel pipes, suffered the biggest losses. Exports of the Pervouralsk New Pipe Plant fell by 21%, and those of the Chelyabinsk Pipe Rolling Plant and the Volga Pipe Plant fell by 57% and 58%, respectively.

Last year, according to Russian Customs, the sale of metals abroad brought the Russian Federation $60B, or one-seventh of all export revenues – $423B or $130B less than in 2022).

This year, the government predicted an increase in exports to $471B but significantly lowered the estimate in April (to $428B), when Russian companies faced problems in making payments and attempts to negotiate with banks of “friendly” countries came to a dead end.