For three years after the invasion of Ukraine, despite the sanctions, Russian manufacturers continue to earn significant revenues from exports to the EU. This is especially true for metals and minerals, including cast iron and semi-finished steel products, which Russia continues to supply to the European Union.

MetalMiner, the largest metallurgical publication in the USA, writes about this.

"In 2024, Russian exports exceeded 2.75 billion US dollars. However, according to the latest data, imports of pig iron to the EU from Russia increased to 474,540 tons in January 2025. This is a significant increase compared to the 36,300 tons that were observed in January 2024, and only 600 tons shipped in December 2024," the publication points out.

From January to February of this year, cast iron, semi-finished steel products and direct reduction iron occupied the first place in the list of EU imports from Russia. In total, the EU purchased 1.35 million tons of metallurgical raw materials of Russian origin, which is 71% more than last year, the publication found out.

"Experts have begun to express doubts about the effectiveness of the current sanctions, including the existence of "exceptions" that allow Russian steel producers to continue exporting to EU markets. In addition, in European markets, agricultural products from Russia are sold at lower prices, which harms Ukrainian exporters and European manufacturers and requires correction," MetalMiner points out.

They also recalled that the European markets have a quota system for importing Russian semi-finished products, such as billets, slabs and cast iron. This quota was gradually reduced, and a complete abolition was envisaged. As a result, Russia sold these materials at lower prices, creating market distortions.

As you know, Ukraine has introduced new economic and personal sanctions against the enterprises of the Russian oligarchs. Among them are 19 Russian energy companies of the Novatek Group, 4 titanium suppliers in the Russian Federation, 2 metallurgical companies of the Russian oligarch Lisin, Volzhsky Abrasive Plant and Volgaburmash. It is expected that similar sanctions against these companies will also be imposed in the EU.

Recently, Ukrainska Pravda conducted an investigation and found out that Vladimir Lisin, the second richest man in the Russian Federation, the owner of the Novolipetsk Metallurgical Combine (NLMK), is actively cooperating with Russian enterprises that produce missiles, drones and nuclear weapons. At the same time, Lisin's two factories continue to operate quietly in the suburbs of Brussels, and Lisin himself, despite his close friendship with Putin, is not under EU sanctions.