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Both sides to lose from EU sanctions against Russian metals companies — expert

European consumers will have to pay more for deliveries from alternative suppliers, Kirill Chuiko from BCS Global Markets notes

MOSCOW, February 22. /TASS/. Both sides will be affected if the European Union slaps Russian metals companies with sanctions, Kirill Chuiko from BCS Global Markets told TASS.

"If European sanctions comprise the ban on steel import from Russia, both sides will lose," the expert said. "European consumers will have to pay more for deliveries from alternative suppliers. It will take time to search for new suppliers," he noted.

"At the same time, our metals companies can relatively easily shift their deliveries to other destinations under the current high steel demand," the analyst said. "However, the transportation distance will grow in this case, affecting profits of Russian companies," Chuiko added.