Worldwide Embargo on Russian Coal 

by Olha Povaliaieva
Friday, August 26, 2022
Worldwide Embargo on Russian Coal 

Russian coal exports by sea almost stopped due to EU sanctions

Bloomberg and Forbes report that the European Union sanctions against Russia have become more active than before. This is particularly true for coal sales by sea. Exports were almost halted due to the EU ban on Russian coal supply companies. 27 companies cooperated with Russia and delivered their coal stone anywhere in the world.

On August 10, the paragraph of the sanctions list on a complete ban on the import of Russian coal entered into force in the UK and EU countries. This clause was announced in April in 5 package of sanctions against Russia. The largest company in Russia, Siberian coal power company, has been unable to ship fuel and make a profit for more than two weeks. Also, since August 10, there has been a ban on purchasing or transporting coal and other solid fossil fuels of Russian origin. This deprives the aggressor of a great deal of money and forces him to choose between the continuation of the war and the well-being of the country’s inhabitants.

The European Commission estimates that the embargo will affect 25% of Russia’s total coal exports of $8 billion annually. If a complete prohibition on energy is adopted, Russia will lose more than $130 billion per year. It is also known that the coal export ban will have the most negligible impact among all energy carriers. 

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