EU and its partners hit Russia with sanctions on steel and metals

One of the ways in which the Western countries intend to hit Russia is to impose sanctions on a strategic sector: steel and metals.
On March 15, the European Union, in coordination with international partners such as the United States, adopted a package of restrictive measure aimed at “ramping up economic pressure on the Kremlin and cripple its ability to finance its invasion of Ukraine”.
More specifically, one of the measures is an “EU import ban on those steel products currently under EU safeguard measures, amounting to approximately € 3.3 billion in lost export revenue for Russia.” The European Union had planned to redistribute “increased import quotas to other third countries to compensate”.
Russian steelmakers will be removed from the safeguard system which is currently applied to imports of iron and steel products.
On March 16, it was announced that the EU will grant a 3-months transition period for Russian and Belarusian steel orders to be completed before the import ban on steel products comes into force. During this time frame, any goods bought in Russia under contracts established before March 16 (or March 2 for Belarus) will still be allowed to enter the EU.
There are several countries in the world that have implemented restrictive measures against Russia concerning steel and metals. Australia, for example, has banned aluminum ore exports to Russia since March 20. The UK also announced a wave of economic sanctions against Russia, including an additional 35% tariff on imports of Russian iron and steel products.
--

You may be interested in reading:
The snowball effects of the Ukraine crisis on the steel and metal market