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Metals

Russia to Buy Its Own Metals to Offset Sanctions

04 August 2022

The Russian government will consider purchasing metals to stockpile to support domestic steelmakers which have been hit by Western sanctions imposed on Moscow, trade minister Denis Manturov said on Monday.

Russian President Vladimir Putin called for structural changes in Russia's metals industry to counter Western sanctions he said were starving it of some components and restricting its ability to sell some goods abroad. Speaking at a televised meeting with Putin and industry officials, Manturov said that exports of metals from Russia fell by 20 percent in the second quarter.

The industry's plants are running at 80 percent of their capacity down from 93 percent as domestic demand has fallen as well, said Manturov, who was promoted to deputy prime minister by Putin's decree in July.

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