Spain Resumes Importing Russian Steel and Iron After Three-Month Hiatus
After a three-month hiatus, Spain has resumed importing Russian steel and iron, according to a report by RIA Novosti on Saturday, which cited statistical data. Spain initially halted its purchases of these metals from Russia last December, but imports recommenced in April. Since then, Spain has acquired 21,300 tons of Russian iron and steel, valued at EUR8 million (USD8.57 million).
In addition to steel and iron, Spain’s imports of Russian aluminum surged by 50 percent, amounting to EUR13 million, while titanium purchases nearly doubled to EUR1.5 million. Despite these increases, overall bilateral trade between Russia and Spain dropped by 14 percent in April, totaling EUR248 million, with Russian exports making up EUR177.2 million of this figure.
The European Union had banned the import of Russian iron and steel products in 2022, following Moscow’s military actions in Ukraine. Further restrictions were later imposed, barring the import of iron or steel products processed in third countries but containing Russian-origin inputs. Although the European Union has banned imports of Russian-made aluminum wire, foil, tubes, and pipes, aluminum ingots, slabs, and billets remain excluded from these restrictions. Aluminum, which is significantly lighter than steel, is essential for the manufacturing of electric vehicles.
Russia ranks as the world’s second-largest producer of aluminum. United States sanctions on the Russian producer Rusal in April 2018 had previously caused aluminum prices on the London Metal Exchange to soar by 35 percent to seven-year highs within days.
