Dec 18, 2023
EU sanctions: Double standards for large corporations? – Stainless Espresso
2024-01-18
18 December 2023 – EU sanctions policy: strict on small and medium-sized importers, but lax on its own large companies? Are European steel companies still supplying Russian arms manufacturers? And on Friday, the Hong Kong stock exchange really took off: the Hang Seng Index shot up by three per cent. The trigger: strong industrial figures and sales growth in the retail sector.
EU sanctions: Double standards for large corporations?
Small fish, strict rules – big sharks, free ride
The EU sanctions policy: strict for small and medium-sized importers, but lax for its own large corporations? According to a report by the Dutch magazine Follow The Money and the Kyiv Independent, the Italian Danieli Group has allegedly supplied at least 14 Russian steel companies since 2014, six of which supply the Russian arms industry.
Italian Danieli Group criticised
Despite the invasion of Ukraine in 2022, the group, in which the Norwegian Norges Bank also holds a stake, is said to have conducted business in Russia. The announced separation from Russia in April 2023? Apparently on hold.
Waiting for the EU’s reaction
Will the EU now take a closer look? Scepticism is appropriate. The full report can be found here:
Investigation: Italian company makes sure Russian war machine has the steel it needs
Hong Kong stock market soars: Hang Seng Index rises by 3 per cent!
Huge cheers in Hong Kong: stock market index climbs upwards
The Hong Kong stock exchange was in full swing on Friday: the Hang Seng Index shot up by three per cent, further mitigating the annual loss.
Retail sales gain momentum
Strong industrial figures and retail sales growth of 10.1 per cent provided a tailwind. Online retail in particular is booming – market share at a record high of 27.5 per cent!
Optimistic outlook for markets
Despite somewhat calmer growth rates, Chinese consumption remains robust. However, the market still seems to be taking a wait-and-see approach with regard to the outlook for the Hang Seng Index. Bold investors could see this as an opportunity to invest.
Source: Steel News
