EU extends preferential treatment for imports of iron and steel from Ukraine

The EU has extended preferential treatment for imports of iron and steel from Ukraine. Illustrative photo: Getty Images

The Council of the European Union has decided to extend the preferential regime for imports of iron and steel from Ukraine for another three years.

According to the EU Council's website, the decision is aimed at supporting the Ukrainian economy, which has suffered as a result of Russia's full-scale war.

The regulation will enter into force on 6 June 2025 and will remain in force until 2028. However, the European Commission reserves the right to temporarily suspend this decision for certain products for a maximum period of 12 months. This will happen if imports from Ukraine increase sharply and begin to harm or threaten EU producers of similar products.

The EU has stressed that Russia's full-scale invasion has had a negative impact on Ukraine's ability to conduct foreign trade, in particular due to the occupation and destruction of steel plants.

In January-April of this year, Ukraine imported goods worth $24.8 billion and exported goods worth $13.3 billion. The total trade turnover was over $38 billion.