Speculations of a phase-wise ban revolve around the European Union’s 16th sanction package against Russia as the date of implementation draws near. Russia, which has been at gunpoint since its invasion into Ukraine.
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Opposing the Russian Federation’s annexation of Crimea and Sevastopol in 2014, a political call by the Russian Federation to recognise Donetsk and Luhansk oblasts as independent entities (followed later by Kherson and Zaporizhzhia), and the Russian Federation’s full-scale invasion of Ukraine on February 24, 2022, the EU introduced a series of trade-related restrictive measures (till date 16) known as sanction packages.
The 16th sanctions package, circulated among member states this week, proposes measures that would cut approximately 15 banks off from the SWIFT banking system. It also targets over 70 dark-fleet vessels involved in shipping Russian oil. This specific sanctions package would permit European buyers to import Russian metal under a quota system for one year before a complete ban takes effect, according to sources who spoke on condition of anonymity.
The plans will require unanimous backing from all member states and may change before they are formally proposed. There have been ongoing calls for the EU to ban Russian aluminium ever since the invasion of Ukraine, leading to a significant decline in Russia’s shipments to the bloc as manufacturers have sought alternative suppliers. However, some buyers and member states have resisted such measures, arguing that certain key products will be challenging to replace entirely.
It is uncertain whether the EU will reach an agreement on this package, which would mark the 16th set of sanctions against Russia. Hungary has been increasingly resistant to imposing additional penalties on Moscow.
EU’s aluminium trade 2024
According to the data from the Global Aluminium Trade Monitor (GATM), in 2024, the EU’s aluminium trade saw a continuation of trends from prior years, with imports significantly outpacing exports. Through October 2024, the EU imported an estimated 6,615,968 tonnes of aluminium, while exports stood at 1,677,842 tonnes. From a year-on-year perspective, both imports and exports have experienced significant fluctuations. Imports increased by approximately 11.6 per cent in 2020 (7,383,062 tonnes) and 9.1 per cent in 2021 (8,052,236 tonnes), followed by a more elevated rise of 13.3 per cent in 2022 (9,122,648 tonnes). However, in 2023, imports declined by 8.5 per cent to 8,347,217 tonnes. Exports, on the other hand, surged by 34.3 per cent in 2020 (2,254,016 tonnes) but then slowed down to 4.8 per cent in 2021 (2,361,840 tonnes). Subsequent years saw declines of 7.9 per cent in 2022 (2,175,322 tonnes) and 7.6 per cent in 2023 (2,009,162 tonnes).
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