The European Union stops importing Russian coal under sanctions

The European Union stops importing Russian coal under sanctions

Details Posted by Cubadebate Published: Aug 10, 2022 Views: 41

russian coal european union august 2022 1As part of the fifth package of sanctions against Moscow, the European Union will no longer import Russian coal from this Wednesday.

The transition period established since the sanctions were announced in April, which allowed for the purchase of Russian coal agreed before the 9th of this month, expired on August 10th.

According to the European Commission, the sanctions will affect 25% of exports in this sector, which would be worth 8 billion euros a year.

According to statistics from the Russian Ministry of Energy, coal exports to the EU last year amounted to 48.75 million tons, 22.6% of total exports.

India and Turkey have increased their orders for Russian coal following the EU’s announcement and are already among the biggest buyers, Russian newspaper RBC reported.

Moscow increased coal shipments to India in May by 25% more than at the same time in 2021. In June they surpassed one million tons (Kpler data), and in July exports totaled 2.06 million, making Russia the third largest Suppliers made coal to India, according to Coalmint.

The Financial Times reported that exports to China accounted for 24.8%, Turkey another 10.9% and India 7.7%.