12th package of EU sanctions revised, benefiting Russian oligarchs
The European Union revised its 12th package of sanctions, allowing Russian producers to continue supplying semi-finished steel, pig iron, alloy steel ingots, ferroalloys, and DRI to the EU. This decision has opened the door for Russian oligarchs to potentially become billionaires.
The main beneficiary of this sanctions relief is Vladimir Lisin, the owner of NLMK, a company that supplies materials for the Russian military. His business supplies steel products, stainless steel, and other materials for military use. Lisin is now permitted to continue operating in the European market, paving the way for significant wealth accumulation.
As a result of these decisions, Russian oligarchs connected to the government have seen their wealth increase by over 50 billion dollars. For example, Vladimir Lisin’s wealth has grown by 4.08 billion dollars in the past year, and he stands to earn over 6 billion euros from selling semi-finished steel to the EU.
The decision to allow continued steel supply has faced criticism from the European Steel Association (EUROFER). They believe it is a mistake that distorts competition and goes against the EU’s climate goals.
