~6 0~p>The European Union wants to extend the grace period for imports of some types of Russian steel.
European Union member countries intend to agree to a four-year extension – until 2028 – of the grace period for the import of certain types of steel from Russia before a complete ban.
This is reported by Bloomberg with reference to the document.
“The EU banned the import of rolled products and semi-finished products from Russia in October 2022, but provided a grace period for the supply of some goods until October 1, 2024,” the material says.
This period will be extended until October 2028. However, these measures have yet to be adopted by EU member states and may change by then.
“The grace period allows the largest Russian steel producer PJSC Novolipetsk Iron and Steel Works, which is not subject to EU sanctions, to supply steel slabs for processing to a joint venture with an investment arm in Belgium, which owns plants throughout Europe” , writes Bloomberg.
The company asked to extend the grace period in exchange for investment in a new electric arc furnace, which should make the product more environmentally friendly.
Recall that there is no Rosatom in the 12th EU sanctions package against Russia – the expert explained how this may be connected with Hungary.
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