Russia is the largest producer of titanium in the world. It previously banned the import of Russian steel, iron and coal, but on Monday EU diplomacy discussed another package. Titanium, which is essential for aviation and is used, among others, in in jet engines, has not been restricted in trade with.
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Airbus against titanium sanctions. “They would not hurt Russia”
CEO Guillaume Faury said Tuesday at its annual shareholders’ meeting that extending the sanctions to titanium “would not be appropriate,” he said. The company’s spokesman made a similar statement.
– Sanctions on Russian titanium would not hurt Russia as they account for only a small part of the country’s export revenues. But they would seriously harm the entire aviation industry across Europe – emphasized the spokesman, quoted by the agency. He also assured that Airbus “complies and will continue to fully comply with the sanctions.”
In March, Airbus said it was “directly sourcing titanium from Russia as well as from other countries,” and indirectly obtains Russian raw material through suppliers. The company meets half of its demand for titanium in Russia, reports the Reuters Agency. Last month, the US aviation company Boeing announced it would suspend buying titanium from Russia.
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The European Union is discussing another sanction. Will there be an embargo on Russian oil?
Due to the brutal Russian invasion of Ukraine, more than 400 Western companies withdrew from Russia. The West imposed powerful sanctions that hit, among others, in the financial, transport and energy sectors, and froze the fortunes of many oligarchs linked to the Kremlin.
On April 9, the EU’s fifth package of sanctions entered into force. He introduced, inter alia, the embargo on Russian imports, which will enter into force in August 2022. The restrictions also apply to transport, trade and banks, and include a ban on participation in tenders by EU companies from Russia. More than 200 more people were banned from entering the EU and freezing assets.
Meanwhile, on Monday (April 11), the heads of diplomacy of the member states discussed the next, sixth package of sanctions. The head of Irish diplomacy, Simon Coveney, said that the European Commission was preparing a sanctions package including an embargo on Russian oil.
Source: Gazeta
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