The results of January-August 2024 show that the EU imported 3.9 million tons of metallurgical products of Russian origin. Analysts note that import costs reached €1.87B, and predict that by the end of the year, Russia will earn at least €3B from its metal exports to the EU.
To illustrate, deliveries of Russian ferroalloys for January-August increased by 114.9%. Import costs amounted to €118.98M (+43.9% annually). Experts explain that the trend results from Russian manufacturers offering products at significant discounts. In addition, sanctions packages have not included, or will not include, a complete ban on such imports for a long time.
At the same time, according to the European agency ACER, Russia’s share in the EU’s imported liquefied natural gas increased to 20% in the first half of the year against 14% a year ago. Russian LNG remains an essential element of Europe’s energy security. The US will intensify its efforts at blocking the export of Russian LNG to deprive Moscow of money for its war against Ukraine.