The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.

Russian trade comes in from the cold

Russia put the last of the Cold War animosities behind it when in one week it joined a new Nato-Russia cooperation council and a day later was recognized by the European Union as an important trade partner and as a market economy.

A row has been smouldering between the trade partners over the past two years. European producers have been hurt by cheap Russian imports, especially of steel, and lobbied their governments for protective import duty hikes under anti-dumping laws. Russia is currently facing about 120 anti-dumping cases worldwide.

Strictly speaking dumping products in another market means that the producer is selling at below production cost. But the Russian producers are all making healthy profits. European and US producers argue that Russia's producers are benefiting from artificially low costs; for example, electricity tariffs are at half western levels.

Even if Russia increases energy tariffs to international levels, thanks to the country's huge natural resources it will always be able to undercut expensive western European producers. The EU has made a political decision to support Russian president Vladimir Putin's efforts to build closer ties with Europe and accept Russia as a partner rather than a competitive protagonist.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree