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. Last Updated: 07/27/2016

EU May Raise Russian Steel Quota

The European Union may raise its quota on Russian steel imports by 15 percent this year from 2.27 million tons in 2006 after admitting Bulgaria and Romania to the bloc, a Russian Economic Development and Trade Ministry official said Friday.

"A draft of the agreement already exists. It is being coordinated between various [EU] institutions," Veronika Nikishina, head of the Foreign Market Access division of the ministry's Trade Negotiations Department, told reporters.

In 2005, Russia and the European Union signed an agreement, under which the EU set a quota of 2.27 million tons for Russian steel imports for 2006.

Under the deal Russia and the EU agreed that the quota could be raised should Russia eliminate an export tariff of 15 percent, but no less than 15 euros per ton, on ferrous waste and scrap.

Russia has retained the tariff so far.