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Sunday, April 2, 2023

Engines in the grip: what Europe has forbidden to Russia


The tenth package of anti-Russian sanctions adopted by the European Union on February 25 includes many goods that Russia will have to replace with Chinese or domestic counterparts. The list of prohibited goods for deliveries to the Russian Federation covers a wide range of goods: from engines to plugs.

The export ban from Europe affected gears, metalworking machine tools and presses, internal combustion engines, factory conveyors and many other nomenclatures of goods which, according to the drafters of the package of restrictions, can contribute to improving Russia’s industrial potential.

The list of goods prohibited for export to the Russian Federation was replenished with digital cameras, magnets, antennas, sockets and even sockets. Obviously, most of these products can be replaced by Chinese and domestic counterparts.

Over the past year, exports from European countries of all the goods listed in the new list have already fallen significantly. In the electricity sector alone, deliveries of sockets, switches and plugs rose from 381 to 138 million euros. Russian companies that need sanctioned products have already set up parallel import programs via third countries. The new tenth package will no longer have a significant impact on the Russian economy.

Most companies have already found a replacement for spare parts and equipment from hostile countries in China. Before the introduction of the 10th sanctions package, only 15% of Russian companies continued to buy European machines. Based on Chinese customs data, rating agency Moody’s estimates that China has replaced Russia with at least 20% of imports from EU countries. According to the same agency, the Russian Federation was able to replace a number of European products with national alternatives.

Copyright © 2023 The Eastern Herald.

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