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Russia to hijack metals from the West — RT Business News

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Commerce Ministry names new export destinations, says sourcing talks underway

Russia will redirect its metal exports from Western countries to alternative markets due to sanctions imposed by the EU and the United States, Trade Minister Denis Manturov said on Monday.

Moscow named China, Turkey, Southeast Asia, member states of the Russian-led Eurasian Economic Union and CIS countries as priority areas to diversify metal supplies. According to Manturov, trade flows will also focus on markets in Latin America, Africa and the Middle East.

Speaking during a meeting with Russian Prime Minister Mikhail Mishustin, Manturov noted that “our companies, with the participation of trade missions, are already redirecting exports”, adding that the state will provide logistical support measures.

Russia is a major producer and exporter of metals. According to the Institut Polytechnique de Paris, the country last year held 13% market share for the production of titanium, 11.2% for nickel, 10.5% for platinum, 5.4% for aluminium, 4% for copper and 4.4% for cobalt. It is the world’s largest producer of palladium, a rare metal used in car manufacturing, accounting for 37% of production in 2021.

READ MORE:
Airbus to cut Russian titanium purchases – Reuters

Russia is not only a major producer of primary aluminum, but it is also integrated into the global supply chains needed to manufacture the metal.

Although Russian metals and the companies that produce them have not been directly targeted by Western sanctions, many buyers have avoided imports from the country.

Meanwhile, China has increased its purchases of primary aluminum with Russian supplies hitting a 2022 record of 56,000 tonnes in November, according to Reuters.

For more stories on economics and finance, visit RT’s business section

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