Industry News

Finnish aluminium exports to Russia doubles with no 'technical' violations of the sanction

Views : 45
Update time : 2024-11-26 16:42:34
Amid mounting tensions between Russia and European Union (EU) EU nations, recent revelations about Finnish aluminium exports doubling to Russia have stirred debates over sanction compliance. A family business from Turku, an international manufacturer of studs for winter tyres, is responsible for the export boost. This report came as Finland's broader trade with Russia kept witnessing a steep plunge, falling by nearly 69 per cent over two years due to stringent sanctions and shifting geopolitical dynamics.

The contradiction: aluminium exports vs. overall trade decline

While most Finnish companies have reduced their trade with Russia, a select few have capitalised on exceptions in EU sanctions. These loopholes allow the export of non-restricted items, such as winter tyre studs, creating an avenue for increased aluminium trade. The export swell is vividly owed to Turvanasta, a family-owned company established in the 1980s that produces these studs. One of Turvanasta's co-owners is Ia Adlercreutz, wife of Education Minister Anders Adlercreutz, who also chairs the Swedish People's Party (SPP). Only Turvanasta, out of the three companies producing these items, exports to Russia.

Related News
Read More >>
Can India’s ‘zero-for-zero’ approach tackle US reciprocal tariffs? Here’s it's context, impact and more Can India’s ‘zero-for-zero’ approach tackle US reciprocal tariffs? Here’s it's context, impact and more
Feb .24.2025
Can India’s ‘zero-for-zero’ approach tackle US reciprocal tariffs? Here’s it's context, impact and more
METLEN secures long-term bauxite supply deal with Rio Tinto; NALCO unveils ambitious INR 30,000 crore expansion strategy METLEN secures long-term bauxite supply deal with Rio Tinto; NALCO unveils ambitious INR 30,000 crore expansion strategy
Feb .24.2025
METLEN secures long-term bauxite supply deal with Rio Tinto; NALCO unveils ambitious INR 30,000 crore expansion strategy
Primary aluminum alloy market weak recovery in off-season: when will spring arrive Primary aluminum alloy market weak recovery in off-season: when will spring arrive
Feb .24.2025
Primary aluminum alloy market weak recovery in off-season: when will spring arrive
Trump’s tariffs: How a 25% markup on foreign steel and aluminum will create winners and losers in Cleveland Trump’s tariffs: How a 25% markup on foreign steel and aluminum will create winners and losers in Cleveland
Feb .24.2025
Trump’s tariffs: How a 25% markup on foreign steel and aluminum will create winners and losers in Cleveland