Flemish recycling company accused of circumventing sanctions against Russia
The Breakdown
Campine, a Flemish recycling and specialty chemicals producer, recorded surging profits attributed largely to its unique antimony recycling process amid a global supply squeeze. However, allegations surfaced from Ukrainian authorities that a portion of Campine’s gains may be linked to failing to ensure its products did not ultimately reach Russia—counter to strict EU sanctions on metal oxides enacted in late 2023. Despite Campine’s compliance statements and remedial measures, investigative reports suggest company materials may have entered Russia via indirect channels, raising questions on due diligence and strategic risk management across the value chain.
Analyst View
The specialty chemicals market—particularly those touching critical minerals like antimony—remains subject to rapid and profound shifts in demand, pricing, and regulatory expectations. As global players scramble for supply security and more sustainable solutions, new commercial opportunities arise for companies able to extract value from recycled streams. Campine’s innovation exemplifies this growth thesis, as evidenced by its spectacular market performance.
However, the competitive advantage is inextricably linked to operational discipline and legal adherence. Increasing scrutiny around traceability and final destination monitoring is not just a compliance challenge—it’s a commercial imperative reshaping procurement, customer qualification, and channel oversight. Companies relying on multi-step international trade flows must now anticipate that actions of downstream partners can rapidly escalate from perceived “good faith” to regulatory breach, with significant reputational and financial consequences.
Recent events signal that future value creation is contingent on robust oversight, beyond contractual declarations. The emergence of geopolitical friction and supply chain risk means leadership must reassess exposure and reinforce mechanisms for verification, not just trust. Ultimately, success depends on the ability to move decisively—from risk containment to opportunity capture as the regulatory and competitive environment evolves.
Navigating the Signals
For B2B executives in specialty chemicals and polymers, the sharpest signals point to intensifying end-market scrutiny and an imperative to expand transparency across sales channels. Regulatory bodies expect proactive tracking and verification of supply chain partners, not simply reliance on contractual caveats or customer attestations.
Business leaders must now evaluate controls and ask: Do current procedures genuinely prevent prohibited indirect distribution, or do they merely shift liability downstream? Are emerging profit pools sustainable if new regulatory interpretations gain traction? As regulatory landscapes grow more dynamic, forward-thinking firms will benchmark value chain resilience, monitor export diversion risks, and invest in systems capable of flagging anomalies before authorities do.
What’s Next?
Breakthrough Marketing Technology supports B2B leaders by providing actionable clarity where exposure is high and ambiguity is costly. Our expertise enables leaders to:
- Map critical pathways of product movement and anticipate where diversion risks may impact compliance and reputation
- Benchmark internal processes against best-in-class standards in channel governance and due diligence
- Leverage proprietary market intelligence frameworks to spot regulatory inflection points before they reshape market opportunity
As value chains grow more interconnected and oversight tightens, decision-makers require more than visibility—they need the tools, insights, and confidence to act decisively. Our support helps organizations minimize exposure, capture growth confidently, and position for sustainable advantage in volatile environments.
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