EU moves to close exemptions allowing ongoing Russian steel imports

The European Union has initiated steps to phase out exemptions that permitted the ongoing import of billions of euros worth of Russian steel despite wide-ranging economic sanctions.

Following Russia's full-scale invasion of Ukraine, the EU implemented extensive restrictions designed to reduce Kremlin revenues and limit its capacity to fund military operations. However, specific exemptions remained in force, allowing millions of tonnes of Russian steel to enter member states each year. Recent developments indicate that measures are now underway to eliminate these remaining carve-outs and fully halt the trade.

Sources: SVT.