The Government of the Russian Federation will conduct a comprehensive assessment of the legitimacy of the decisions of Western counterparties under the sanctions by June 1, and will also prepare an updated strategy for Russia's actions in the World Trade Organization. The corresponding order was given by Russian President Vladimir Putin on Wednesday.
In continuation of a series of industry meetings, Putin discussed yesterday with the government and business the prospects for the development of the domestic metallurgical complex, which has not been spared restrictions from the West. The Russian Federation ranks fifth in the world in the production of ferrous metals and one of the leaders in the world non-ferrous metallurgy. According to the President, cooperation with Russian companies has always been predictable and mutually beneficial for foreign buyers and partners.
In the last month, everything has changed, and by no means through the fault of Russian metallurgists. Like many other industries, Putin emphasized that illegal restrictions were used against them in the West: not only bans on the supply of finished products, but even on the purchase of production components.
“These measures run counter to the principles of the World Trade Organization, the adherence to which European colleagues have constantly reiterated. In this regard, I instruct the government to conduct a comprehensive assessment of the legitimacy of the decisions of Western counterparties, as well as to prepare an updated strategy for our actions in the World Trade Organization. I ask you to complete this work by June 1 of this year,” Vladimir Putin ordered.
Unfriendly steps towards Russian metallurgists were taken to please momentary political interests, the President of the Russian Federation is sure.
“Obviously, such a rough, short-sighted policy will have a negative impact on the economies of European countries, will lead to a sharp increase in the cost of metals in their markets, and we are already seeing this. The price of such decisions will be an increase in inflation, a decrease in the well-being of European consumers and ordinary citizens,” Putin warned.
The Russian metallurgical industry is currently trying to find new customers in Asia and is rebuilding its supply chains. During this transition, according to Putin, steelmakers need to pay special attention to domestic demand, launching long-term projects and programs, the effect of which will be felt for the entire economy, for Russian regions and residents.
“It needs to be supported and stimulated, primarily by increasing the volume of housing, infrastructure, commercial and industrial construction, due to the wide production of goods that use metallurgical products,” the President of the Russian Federation said.
Before June 1, the government of the Russian Federation will prepare an updated strategy for the development of domestic metallurgy until 2030. The document will take into account not only the tasks of increasing demand in the domestic market at affordable prices for products, and reorienting exports. Putin drew attention to the fact that metallurgy is one of the industries in which production processes cannot be paused.
