(MENAFN) EU countries are reportedly finding alternative routes to acquire substantial quantities of vital commodities from Russia, according to customs data and other documents cited in a report by the Financial Times on Tuesday. The investigation reveals that commodity trading giant Glencore, for instance, procured a minimum of 5,000 tons of copper sheets produced by Russia's Ural Mining and Metallurgical Company (UMMC) this year. These copper sheets were transported from Turkey to Italy's Port of Livorno in July.
The report underscores that, despite the sanctions imposed by Western nations on certain Russian businessmen and metal producers, there isn't a comprehensive ban on trading Russian metals as a whole. The sanctions have targeted specific individuals and companies. For instance, both the UK and EU imposed sanctions on UMMC executives last year, while the United States introduced broader restrictions on the company itself in July of this year.
This revelation raises questions about the effectiveness of sanctions and the extent to which they can be circumvented through alternative channels. It highlights the complex dynamics at play in international trade and the ability of market participants to adapt to changing geopolitical circumstances.
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