Despite the EU’s continued sanctions against Russia, Belgium remains one of the largest importers of Russian steel products. An exemption in the EU sanctions regime allows semi-finished steel products to be supplied from Russia to the European facilities of the NLMK Group, owned by Russian oligarch Vladimir Lisin. This was revealed in an investigation by the Kyiv Independent.
Following the start of Russia’s full-scale invasion of Ukraine, the European Union imposed sanctions on most categories of Russian steel products. However, steel slabs – semi-finished products used to manufacture finished steel products at European plants – were exempted from the restrictions. It was only in December 2023, as part of the EU’s 12th sanctions package, that the bloc agreed to gradually phase out imports of Russian slabs, with the final deadline set for September 30, 2028.
According to the European steel association Eurometal, Russia accounts for 58% of the European Union’s slab imports from third countries. One-third of all Russian slabs imported into the EU are shipped to Belgium. Italy, the Czech Republic, France, and Denmark round out the top five importers.
Russia’s NLMK supplies slabs to its own European facilities at “ultra-low prices.” According to the publication, this gives the company’s European plants an artificial cost advantage over competitors.
NLMK is one of Russia’s four largest steel producers. In Belgium, the company owns two steel plants, the nearest of which is located just 22 kilometres from Brussels. NLMK owns a 49% stake in NLMK Belgium, while another 2% is held through the affiliated company Tube De Haren et Nimy. The remaining 49% belongs to Wallonie Entreprendre, the investment arm of Belgium’s Wallonia region.
According to Bloomberg, as of June 2026, Vladimir Lisin ranks 110th among the world’s wealthiest people, with an estimated net worth of $23.5 billion. Despite this, the European Union has still not imposed sanctions on Lisin. Meanwhile, he is already under sanctions imposed by Ukraine, Australia, and Canada. The Canadian government describes Lisin as a “Kremlin-linked billionaire” who supports Russia’s full-scale aggression against Ukraine and has benefited from the war.
According to the Kyiv Independent, the Belgian authorities confirmed that they oppose adding Lisin to the EU sanctions list. Belgium’s Ministry of Foreign Affairs justified this position by citing the potential impact on industrial facilities, jobs, and supply chains in the country. At the same time, diplomats interviewed by the publication said that Lisin’s name had previously been discussed during EU sanctions negotiations but was ultimately removed from consideration.
StateWatch has previously investigated Vladimir Lisin’s role in supporting Russia’s military-industrial complex. We have also reported on why one of the key suppliers of raw materials for Russian weapons remains outside the European Union’s sanctions regime.