By Alexander Miller, consultant in energy markets – Eurasia Business News, July 23, 2024. Article n°1107.

Europe will be able to completely abandon purchases of Russian titanium only in 5-7 years

The European Union (EU) in the first five months of 2024 reduced titanium imports from Russia by 22% in annual terms to 2461 tons, according to the latest data from the European Statistical Agency (Eurostat).

At the same time, in May, supplies increased by almost 30% compared to April – up to 578 tons, in particular, France increased supplies from Russia by 3.4 times to 266.6 tons, Italy – more than 2 times to 32.3 tons, Germany – by 20% to 213 tons.

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After the start of the Russian special military operation in Ukraine on February 24, 2022, the world’s largest aircraft corporations announced plans to completely abandon titanium from the Russian Federation. In March 2022, the American aircraft concern Boeing announced its intention to abandon the purchase of Russian metal, and in December of the same year, the European Airbus announced its intention. In December 2023, Reuters sources reported that Airbus began to buy more titanium from the United States and Japan.

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Despite sanctions and pledges to reduce reliance, Western companies have continued to purchase substantial amounts of titanium from Russia since February 2022.

VSMPO-AVISMA, Russia’s main titanium producer, exported around 15,000 tons of titanium valued at $370 million in 2022, primarily to Western nations supporting Ukraine. This makes it a crucial supplier for the aerospace industry, where titanium is essential for both commercial and military aircraft manufacturing.

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Major European aerospace firms like Airbus, Safran, and Rolls-Royce have continued importing Russian titanium, with some even increasing their imports in 2022 despite public statements about reducing ties.

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© Copyright 2024 – Eurasia Business News. Article No. 1106.