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S&P Global Commodity Insights: EU bans Russian coal and shipping from ports, 'working' on oil sanctions

The European Commission proposed a ban on $4.3 billion worth of Russian coal imports per year as part of a 5th package of sanctions

S&P Global Commodity Insights: EU bans Russian coal and shipping from ports, 'working' on oil sanctions

Brussels, April 6 - Neftegaz.RU. The European Union has announced bans on imports of Russian coal and on Russian shipping from EU ports and is working on further sanctions including on oil imports, the European Commission said April 5.

The new round includes an import ban on coal from Russia worth Eur4 billion/year ($4.38 billion/year) and a ban on Russian vessels and Russian-operated vessels from accessing EU ports, allowing for certain exemptions such as agricultural and food products, humanitarian aid as well as energy.

Not included in this latest round is a ban on oil imports, despite calls from some member states for that.
President of the EC Ursula von der Leyen said in a statement:
  • We are working on additional sanctions, including on oil imports, and we are reflecting on some of the ideas presented by the member states
The announcement came after French President Emmanuel Macron on April 4 called for further sanctions targeting Russian oil and coal.
The EU to date has imposed sanctions on Russia's energy sector, but focused on areas such as investment and technology sales, without an outright ban on imports.

Macron, in his comments, appeared to acknowledge the EU would remain dependent on Russian gas, as German politicians underlined their country's continued reliance on the fuel at least for the time being.

Source : Neftegaz.RU


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