Authors
Kacper M. Urbanik
Department of Geochemsitry, Mineralogy and Petrology, Faculty
of Geology, University of Warsaw, Żwirki i Wigury 93, 02-289, Warszawa (Poland); e-mail: k.urbanik2@uw.edu.pl
ORCID:0009-0006-4583-9880
- Volume 8 Issue (1) 2024
33-41
The full-scale Russian invasion of Ukraine caught the market and EU politicians off guard. The beginning of the first full-scale war on European soil since World War II marks the era of new conditions within European market, especially in mineral resources branch. Ukraine and Russia are significant producers of non-energy raw materials. The invasion resulted in a brief disruption to the metals exchange (LME), but the war had significantly greater impact on European mineral companies (KGHM, Imerys, Boliden AB), with many reporting reduced net profits or even losses in the period between February 2022 and 2023. The unsatisfactory financial results impacted in exact way those companies with assets in Ukraine or Russia and those with no business connection to any side of the conflict. The EU, as a political and administrative entity, demonstrated an inadequate approach in its planning for ensuring the security of the supply chain for critical and strategical raw materials. Consequently, some modifications to its policies have been necessitated by the ongoing conflict. The study shows there is a need for dynamic changes in the EU administration with the objective of reducing the EU’s dependence on metal suppliers. Surprisingly, it turned out that the war did not disrupt global and European non-energy materials market.
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