Spain has reportedly resumed importing Russian steel and iron after a three-month hiatus, according to a report by RIA Novosti. The country had halted purchases from Russia in December, but in April, Madrid began purchasing the metals once again.
Statistics analyzed by the news agency indicate that Spain has bought 21,300 tons of Russian iron and steel, amounting to €8 million ($8.57 million). Additionally, Spanish imports of Russian aluminum have surged by 50% to €13 million, while purchases of titanium nearly doubled to €1.5 million.
This increase in imports comes at a time when bilateral trade between Russia and Spain has decreased by 14% in April, totaling €248 million, with Russian exports totaling €177.2 million. The European Union had previously imposed bans on imports of Russian iron and steel products following Moscow’s military campaign against Ukraine. Further restrictions were also imposed on iron or steel products processed in third countries but containing Russian-origin inputs.
Despite the sanctions, Spain’s decision to resume importing Russian metals reflects the country’s ongoing demand for these materials. With aluminum being a crucial component for manufacturing electric vehicles, the competition for alternative sources of the metal in case of further restrictions on Russian imports is expected to intensify.
Analysts warn that a potential ban on Russian metal could lead to price spikes, similar to the ones witnessed in 2018 when US sanctions on Russian producer Rusal sent aluminum prices soaring to seven-year highs. Buyers in the EU and US are already eyeing aluminum produced in the Middle East as a potential substitute for Russian metal in the future.
