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ST. PETERSBURG, June 18. /TASS/. European sanctions have only an indirect impact on the Russian ferrous metallurgy market, in particular, due to the decrease in investment activity in the country, Severstal CEO Alexey Mordashov told TASS Thursday at the St. Petersburg International Economic Forum (SPIEF-2015).
"If we are talking about the industry, we do not see the direct effect of sanctions on ferrous metallurgy in Russia at all. Steel companies were not subject to sanctions. But indirectly we feel the effect. And the effect is in the impact on investment activity in the country. We produce investment goods, and how much people are willing to invest in projects to build houses, buy cars, is affecting demand for our products," Mordashov said.
He added that one should not overestimate the impact of sanctions. On the contrary, according to Mordashov, European sanctions stimulate the domestic Russian market to develop, for example, in terms of import substitution.