17 December 2024 – The European Commission announced today that it has launched a further review procedure of the EU Safeguard Measure on certain steel products, which has been in place since 2019. The EU also announced the 15th sanctions package against Russia on Monday.
EU imposes 15th sanctions package against Russia
The European Union imposed a new package of sanctions against Russia on 16 December. The 15th package primarily includes new sanctions against individuals, companies, organisations and ships. For the first time, individuals and entities not originating from Russia but from China or North Korea have also been fully sanctioned. The EU is also trying to implement new measures to circumvent sanctions. Whether they will be successful remains to be seen.
The member states were once again unable to agree on new import restrictions, such as those against aluminium alloys. Instead, new export restrictions have been added for so-called dual-use goods.
EU Safeguard Review on steel imports launched on 17 December 2024
Today, Tuesday, the European Commission launched the review of the functioning of the safeguard measure on imports of certain steel products. 13 EU member states, which consider it proven that such a procedure is necessary due to changes in the trade flows of steel, had already requested the Commission to initiate the review on 29 November 2024.
The official aim of the investigation is to examine the evidence submitted by the member states to see whether adjustments to the Safeguard measure could be justified in order to ensure that the measure remains adapted to market developments and is in line with the interests of all stakeholders.
EU Safeguard has never been in line with the interests of all stakeholders
The last point in particular, ‘… and is in line with the interests of all stakeholders’, already raises some doubts. In all previous EU Safeguard investigations and reviews, the Commission has always decided against the interests and ultimately to the detriment of the competitiveness of small and medium-sized enterprises in the European Union, which have had to bear the costs and main burden of the misguided EU market protection policy for years.
Premature end to the Safeguard measure almost ruled out
A premature end to the safeguard measure is almost ruled out. According to the rules of the World Trade Organisation (WTO), a tightening is not permitted. As the European Union and the member states will not admit that they are the main culprits for the sometimes significant changes in the traditional trade flows of steel due to their sanctions and market protection policy, they prefer to blame someone else again.
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