The Kuznetsk Basin in Russia Bernard Bisson / Gettyimages.ru
BRUSSELS, 10th August (RHC) – The European Union will halt imports of Russian coal from Wednesday under the fifth package of sanctions imposed as a result of Russia’s special operation in Ukraine.
This August 10 ended the transitional period during which the purchase of Russian coal was allowed in connection with contracts signed before April 9. The European Commission estimates that the embargo will affect 25% of all Russian coal exports, worth 8 billion euros a year.
According to the RBC newspaper, citing data from the Russian Ministry of Energy, Russian coal exports to the EU in 2021 amounted to 48.75 million tons (22.6% of total exports). By far the largest part, at 45.3 million tons, was steam coal, which is used to generate heat and electricity. Another 3.45 million tons were coking coal, which is required for steel production.
After the EU announcement, India and Turkey have become the biggest buyers of Russian coal, according to the newspaper.
The USA, Australia, Colombia and South Africa have long been the main suppliers of coal to Europe. Now, taking into account the price increase in the EU, all the old players will return to this market. (Source/RT)