Putin praises Moscow International Film FestivalSociety & Culture June 22, 21:49
Russian football team getting ready for game with MexicoSport June 22, 21:38
EU agrees to extend sanctions against RussiaWorld June 22, 21:25
Lavrov tells Tillerson attempts to exert pressure on Russia through sanctions pointlessRussian Politics & Diplomacy June 22, 20:14
Russian war memorial in Poland reopens after renovationWorld June 22, 19:41
Le Bourget air show: Russia clinches contracts for military hardware deliveriesMilitary & Defense June 22, 19:28
Czech president supports idea of referendum on country’s withdrawal from EUWorld June 22, 18:57
Russian fans show fascinating hospitality at 2017 Confederations Cup — renowned pianistSport June 22, 18:32
First days of Soviet Union's Great Patriotic War in picturesSociety & Culture June 22, 18:10
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.