17 Jan 2019 13:49

Russia, EU hold consultations on safeguard measures against steel products

MOSCOW. Jan 17 (Interfax) - Russia and the European Union held consultations on Tuesday in connection with the planned introduction by the EU of special safeguard measures with respect to steel products.

Officials from the EU and the Russian Economic Development Ministry and Russian Industry and Trade Ministry "exchanged opinions on the proposed measure, and the EU representatives gave clarifications about the parameters for its application," the Economic Development Ministry told Interfax, declining to make further comment.

The European Commission at the beginning of January notified the World Trade Organization of the results of an investigation into steel products with a view to replacing the provisional restrictions on imports introduced in July 2018 by permanent restrictions. Provisional special safeguard measures have been effective in the EU since July 2018. They were introduced for a period of 200 days in the form of tariff quotas on 23 categories of steel product. If the quotas are exceeded a duty of 25% is charged.

According to the EU's notification, the final measures should be introduced before the provisional ones lapse, before February 4, 2019. These will again be in the form of tariff quotas but for 26 categories of goods and distributed among countries. Shipments over and above that level will be subjected to a 25% duty.