Page 125 - bneIntelliNews monthly country report Russia May 2024

obtained tens of terabytes of classified information. This attack caused more than $12B in damage to the aggressor.
9.1.8 Telecoms sector news
9.1.9 Tourism sector news
9.1.10 Utilities & Renewables sector news 9.1.11 Metallurgy & mining sector news
Sanctions against the Russian mining and metallurgical industry: Will Ukraine benefit? As a result of European sanctions on the Mining and Metallurgical Industry (MMI), Russia's export of metallurgical raw materials, semi-finished products, rolled steel, and pipes to the EU decreased by 68%, to €3B, compared to the pre-war year of 2021. This may create opportunities for Ukraine to increase its supply of MMI products to the EU market. As a result of adopting the 12th package of sanctions, there were opportunities to increase the export of iron and ferroalloys. Ukraine can additionally supply up to 1.5mn tonnes of pig iron and up to 7-8mn tonnes of iron ore coils to the EU market. However, it will be difficult for Ukrainian suppliers to replace Russian products due to their lower prices. Still, a gradual takeover of Russian market share by Ukrainian producers is possible starting next year. However, the inconsistency of sanctions and quotas during a long transition period dearly cost both the EU and Ukraine. The EU created an imbalance in the internal EU steel market, depriving Ukraine of the opportunity to increase its export volumes.
Since April 13, the USA and Britain have imposed bans on the import of Russian aluminium, copper and nickel. The direct ban on purchases has little impact on supply in the UK or the US, since neither country buys significant quantities from Russia. Instead the aim is to effectively close-off Russia’s access to two of the world’s leading trading platforms — the London Metal Exchange (LME) and the Chicago Mercantile Exchange (CME).
Neither exchange is permitted to trade contracts for Russian metals or store
125 RUSSIA Country Report May 2024 www.intellinews.com