MOSCOW, July 22 (Bernama) -- The European Union has blocked a proposal to impose sanctions against the Russian titanium giant VSMPO-Avisma, as France and several other member states have expressed fears that Moscow will stop exporting titanium to the bloc, Sputnik quoted a Wall Street Journal report on Thursday.
The restrictions were initially supposed to be included in the seventh package of EU sanctions against Russia. In particular, the bloc planned to limit supplies of military goods and dual-use goods to VSMPO-Avisma, according to the report.
However EU countries assumed that such actions might result in retaliatory measures by Moscow, which would stop supplying the company's titanium to European firms, the report added further citing EU diplomats.
VSMPO-Avisma Corporation is the world's largest titanium manufacturer with a full technological cycle. The company delivers products to the markets of 50 countries. It is deeply integrated into the global aerospace industry and is a strategic supplier for many states.
Estimates made by the Russian financial services company Finam at Sputnik's request in February showed that VSMPO-Avisma provides up to 30% of titanium supplies to the global aerospace industry. In particular, it meets up to 40% of titanium needs of the Boeing aerospace corporation and up to 60% of Airbus's needs.
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