Thu, 06 Oct 2022

The Import of Russian Coal into the EU Stops from Today

Novinite.com
11 Aug 2022, 07:11 GMT+10

The complete ban on the purchase of Russian coal comes into force today. The measure was approved as part of the fourth package of sanctions adopted in April against Russia over the war in Ukraine.

Another ban on imports from Russia is due to be implemented later this year: a partial oil embargo.

Supplies from Russia will be replaced by those from North America, South Africa, Colombia (listed so far were leading exporters to the EU in the past), Australia and Kazakhstan. These are significant quantities, as 70% of the coal imported into Europe came from the sanctioned country.

The embargo affects 22.6% of all Russian coal exports for 2021 (8 billion euros per year). Russia diverted part of the flow - at a significant discount of 30-50% - to India and Turkey. Exports to India, for example, increased by 25% in May 2022 compared to the same month in 2021.

In the few months between the embargo vote and its entry into force, a surge in imports was reported in countries such as the Netherlands, Germany, Italy, Spain and Belgium.

Also from today the same ban comes into force in the UK.

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- /Dnevnik

Copyright (c) Novinite.com. Published with permission via Big News Network news agency

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