The European Council has adopted the European Commission’s proposal of an eighth package of sanctions against Russia, as SteelOrbis previously reported. Beside the ban on semi-finished steel imports from Russia, the new package also includes the import ban on steel products processed in third countries using steel originating from Russia.
Accordingly, imports of finished steel products processed in a third country using Russian semi-finished products as of September 30, 2023, tightening restrictions on third country steel processors, such as Turkey, making use of competitive Russian feedstock and planning to supply them to the EU. This sanction is in line with the transaction period for the import ban against Russian products.
Looking at Turkey, the war between Russia and Ukraine was expected to have a positive impact on the Turkish steel industry, but now the situation has been reversed. Negatively impacted by dumped steel exports from Russia, Turkey’s exports to the EU also will be at risk in the coming period with these sanctions.