Three years into Russia’s full-scale invasion of Ukraine, Russian manufacturers continue to earn substantial revenues from exports to the European Union, despite sanctions. This is particularly true for metals and minerals, including pig iron and semi-finished steel products, which Russia continues to supply to the EU.
This was reported by MetalMiner.
“In 2024, Russian exports exceeded $2.75 billion. However, according to the latest data, pig iron imports to the EU from Russia rose to 474,540 tonnes in January 2025. This marks a sharp increase compared to 36,300 tonnes in January 2024 and just 600 tonnes in December 2024,” the report states.
From January to February this year, pig iron, steel semi-finished products, and direct reduced iron topped the list of EU imports from Russia. In total, the EU purchased 1.35 million tonnes of Russian-origin metallurgical raw materials — a 71% increase compared to last year, according to the publication.
“Experts are increasingly questioning the effectiveness of the current sanctions regime, citing existing ‘exceptions’ that allow Russian steel producers to continue exporting to EU markets. Moreover, Russian metal products are being sold at lower prices in Europe, harming Ukrainian exporters and European producers alike — an issue that requires urgent correction,” MetalMiner notes.
The publication also recalls that EU markets operate under a quota system for imports of Russian semi-finished products such as billets, slabs, and pig iron. Although these quotas were supposed to be gradually phased out, Russia has taken advantage of them to sell materials at reduced prices, distorting the market.
Ukraine, for its part, has imposed new economic and personal sanctions against enterprises owned by Russian oligarchs. These include 19 energy companies linked to the Novatek group, 4 titanium suppliers to Russia, 2 metallurgical companies belonging to oligarch Vladimir Lisin, as well as the Volzhsky Abrasive Plant and Volgaburmash. Similar sanctions against these firms are expected to be adopted by the EU.
Earlier, Ukrainska Pravda published an investigation revealing that Vladimir Lisin — Russia’s second-richest man and owner of the Novolipetsk Steel Plant (NLMK) — actively collaborates with Russian companies producing missiles, drones, and nuclear weapons. Nevertheless, two of Lisin’s plants continue to operate undisturbed in the Brussels suburbs, and he himself — despite his close ties to Putin — is not under EU sanctions.
