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photo: RAILTARGET Archive/China-Europe Trade Faces Hurdles with New Sanctions on Russian Iron and Steel
In the ongoing effort to respond to Russia's invasion of Ukraine, a fresh set of sanction measures targeting specific Russian iron and steel products are set to come into effect on the 30th of September. These sanctions extend not only to raw materials from Russia but also to products that have been processed or contain these materials from a third country. The expanded measures aim to plug loopholes that could be exploited through third-country processing, often employed as a method to conceal the Russian origin of iron and steel products.
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Such a decision could potentially shake the trade dynamics between China and Europe. As Russian iron and steel transform in third countries before being incorporated into final products, there lies a chance that certain goods processed in countries like China may face import prohibitions in the European Union. Scenarios detailed in the sanction guidance outline various situations where products, post being processed in a third country, might still be barred from import. This includes instances where goods like steel slabs of Russian origin are transformed in another country into different products and later imported to the EU.
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Therefore, evidence of a product's supply chain journey, from origin to processing facilities, needs to be meticulously documented. Authorities like the HMRC will enforce rigorous inspection protocols at borders, asking for documents that validate the product's origin and its processing history. Furthermore, traders are encouraged to apply for licenses if they intend to import restricted items post the stipulated date.
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