EU to suspend trade barriers for Ukrainian steel

The European Commission proposed on Wednesday the suspension of all trade barriers against Ukraine-origin steel imports for a period of one year, to support the country during the ongoing war with Russia, according to a Commission release seen by Kallanish.

The proposal needs to be ratified by the European Parliament, but it would be an unprecedented measure to support a country’s economy affected by war.

As part of the suspension, the Ukrainian steel sector would benefit from being excluded from the existing safeguard measures system. In addition, other trade restrictions would be suspended, such as the anti-dumping duties in place on hot rolled coil from Metinvest, and certain steel tube.

“The EU has never before delivered such trade liberalisation measures, which are unprecedented in their scale: granting Ukraine zero tariff, zero quota access to the EU market,” said EU trade commissioner Valdis Dombrovskis.

“Since the start of Russia’s aggression, the EU has prioritised the importance of keeping Ukraine’s economy going – which is crucial both to help it win this war and to get back on its feet post-war. These measures will directly help Ukrainian producers and exporters. They will inject confidence into the Ukrainian economy and send a strong signal that the EU will do whatever it takes to help Ukraine in its hour of need,” he concluded.

Emanuele Norsa Italy