Flemish recycling company accused of circumventing sanctions against Russia
Metal recycling and specialty chemicals company Campine has posted strong growth this year, with profits soaring. But according to a Ukrainian investigation, part of those earnings may have come from circumventing sanctions against Russia, De Morgen writes on Saturday.
Campine has benefited from surging antimony prices, driven largely by China restricting exports of the metal and its derivatives late last year. Antimony is used in various industries, including as a flame retardant, but also has military applications.
The Flemish group has developed a unique process to recycle antimony from used car batteries and other metallurgical waste. As a result, the company’s share price has tripled within a year.
However, the Economic Security Council of Ukraine (ESCU) claims Campine has profited by sidestepping EU sanctions. Since December 2023, the EU has banned exports of metal oxides, including antimony, to Russia. Yet Russian import data shows the country imported over 1,000 tons of antimony in 2024, De Morgen writes. At least 300 tons, valued at about 4.5 million euros, allegedly originate from Campine.
In good faith
Campine insists it has acted in good faith, halting exports to Russia in early 2022, well before sanctions were introduced. In July 2024, after learning that its products were being resold to Russia, the company required all customers to sign declarations pledging not to export to Russia or Belarus and to alert Campine if resale was suspected.
But sanctions expert Heleen over de Linden told De Morgen that as far as the EU is concerned, this is no defence. It is up to companies to verify the ultimate end user of their products, and failure to do so could result in steep fines or prison sentences.
The ESCU is urging Belgian authorities to launch an independent investigation into Campine.
#FlandersNewsService | Metals recycled from electric car batteries. PHOTO © Ezequiel BECERRA / AFP
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