26.02.2024, 16:25
Polish firms caught trading with Russia
Source: OREANDA-NEWS
OREANDA-NEWS Polish companies continue to supply goods to Russia through third countries. EY analysts caught local businesses trading with the Russian Federation, Rzeczpospolita reports.
According to the survey, about 47 percent of the 200 companies surveyed in 2022 continued to supply goods or services or purchase them from Russia and Belarus. Despite a decrease in exports to the Russian Federation by 11 billion zlotys (minus 33 percent) after the start of the special operation, the volume of sales to the countries of the Eurasian Economic Community (EAEU) and Turkey increased by 13 billion (plus 57 percent).
Most of the goods sold to third countries can be re-exported to Russia, bypassing sanctions. For example, a 400 percent increase in trade turnover with small markets like Kyrgyzstan or Armenia looks suspicious, the authors of the study note. They recommended Polish firms to check their counterparties more carefully in order to avoid severe penalties for violating the sanctions regime.
In October 2023, industry experts in Poland sounded the alarm due to the large volumes of "primary" plastic imported from Russia. According to them, despite the embargo on Russian raw materials in force in almost all European countries, plastic from the Russian Federation continues to enter the Polish market and competes with local materials.
In addition, by the end of 2023, Poland officially became one of the five largest suppliers of sparkling wine to Russia. During the year, it shipped drinks worth $16 billion, which is the fourth figure after Latvia, Italy and Lithuania. In monetary terms, Poland surpassed even France, which sold $3.5 million worth of wine.
According to the survey, about 47 percent of the 200 companies surveyed in 2022 continued to supply goods or services or purchase them from Russia and Belarus. Despite a decrease in exports to the Russian Federation by 11 billion zlotys (minus 33 percent) after the start of the special operation, the volume of sales to the countries of the Eurasian Economic Community (EAEU) and Turkey increased by 13 billion (plus 57 percent).
Most of the goods sold to third countries can be re-exported to Russia, bypassing sanctions. For example, a 400 percent increase in trade turnover with small markets like Kyrgyzstan or Armenia looks suspicious, the authors of the study note. They recommended Polish firms to check their counterparties more carefully in order to avoid severe penalties for violating the sanctions regime.
In October 2023, industry experts in Poland sounded the alarm due to the large volumes of "primary" plastic imported from Russia. According to them, despite the embargo on Russian raw materials in force in almost all European countries, plastic from the Russian Federation continues to enter the Polish market and competes with local materials.
In addition, by the end of 2023, Poland officially became one of the five largest suppliers of sparkling wine to Russia. During the year, it shipped drinks worth $16 billion, which is the fourth figure after Latvia, Italy and Lithuania. In monetary terms, Poland surpassed even France, which sold $3.5 million worth of wine.
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