Sanctions on products originating in Russia

21-09-2023

From 30 September, importing and purchasing steel and iron products originating in Russia will be banned. Until now, sanctions for the fasteners sector focused specifically on products from Russia. The sanction does not affect intra-EU trade and does not cover goods within the EU before 30 September.

In the restrictive measures against Russia, the EU imposed a far-reaching ban on importing and purchasing certain steel products processed in third countries. By third countries, we mean all countries other than EU member states and Russia.

The importer provides proof
It is up to the importer to provide proof of the country of origin of the iron and steel inputs used to process the product in such a third country. As an importer of the goods in question to the EU, Fabory immediately carried out its due diligence. We have engaged with all our suppliers and service providers to ensure that sufficient proof of the steel's country of origin is provided to EU authorities at the time of import.

Impact of required evidence
The sanction requires the fastener industry to move to a new level of transparency. This will impact the required paper trail at each outsourced production stage. The required proof will affect small producers/distributors and have a significant impact on low-rotation and niche products.

Collaborate
Fabory is in an excellent position to comply with EU regulations and ensure continuity of supply. Although we anticipate some market disruption and scarcity for the affected items, the impact will be limited for most customers. In the coming period, we will continue to work with the partners who have indicated their commitment to comply with the EU regulation.

Belief in sanctions
Russian entities have never been part of Fabory's supplier base, and we do not stock or trade products or services of these origins. We believe sanctions contribute to restoring peace in Ukraine and the region. With other EU policies, sanctions are a concrete means of upholding EU values of human dignity, freedom, democracy, the rule of law and human rights.