The European Union has banned the export of Russian steel and metal products
As part of its fourth round of sanctions against Russia, released on Friday, the European Commission confirmed that it has banned imports of key iron and steel products from Russia to the EU.
According to the European Commission, the ban will hit the core sector of the Russian system, deprive it of billions in export earnings and ensure that EU citizens do not subsidize Russia's war against Ukraine.
Without exception, all Russian steel producers fell under the scope of the European Commission, and their quotas for the supply of steel to the EU were cancelled. Russian import quotas will be distributed among other third countries to compensate for the loss of this source of supply.
In addition, the planned annual safeguards review of the European steel and rolled products market is currently underway. The results of this review are expected by the end of April, and any new rules will come into effect on July 1.
Changes to steel safeguards are just part of the bloc's latest round of sanctions against Russia.
The commission also formalized plans to suspend Russia's membership in major global financial institutions, including the International Monetary Fund and the World Bank.
Russia has vowed to retaliate through a trade organization dispute settlement mechanism, arguing that this action would violate WTO rules.