• Thursday, June 13, 2024

Business

Russia-Ukraine war: Indian company’s containers remain stuck at Antwerp for a year

By: Chandrashekar Bhat

A prominent Indian metals company’s containers bound for Russia have been stuck at the port of Antwerp for more than a year.

Jindal Stainless Ltd said its five containers carrying about 100 tonnes of stainless steel have been unable to enter the European Union because of sanctions imposed on Russia.

But the company said stainless steel is not on the list of goods sanctioned by the EU.

The cargo was dispatched in February last year – around the time the ongoing Russia-Ukraine military conflict began.

Jindal Stainless, India’s largest stainless steel producer having customers in 60 countries, indicated its containers should be cleared for their onward movement.

It, however, did not answer Eastern Eye’s questions as to how the authorities in Belgium have responded to the matter and when it expects clearance for the transit.

The company reported consolidated revenue of £1.72 billion for the first nine months to December 2022, compared to £1.47 bn a year earlier.

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