The European Union intends to extend the grace period for imports of certain types of Russian steel until 2028. This was reported by Bloomberg.
"The EU banned imports of rolled products and semi-finished products from Russia in October 2022, but granted a grace period for the supply of certain goods until October 1, 2024," the article says.
According to the article, the EU imposed a ban on imports of rolled and semi-finished products from Russia in October 2022, but granted a grace period for the supply of certain goods until October 1, 2024.
Bloomberg claims that this period will be extended until October 2028. However, these measures must be approved by the EU member states and are subject to change until a decision is made.
The grace period allows Novolipetsk Metallurgical Plant, Russia's largest steel producer not subject to EU sanctions, to supply steel slabs for processing to a joint venture with the investment arm of the Walloon government in Belgium. This company has plants across Europe.
The request for an extension of the grace period was made in exchange for investments in a new electric arc furnace that will make production more environmentally friendly.
