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10 Aug, 2022 10:30

EU ramped up Russian coal imports before ban – media

The European Union’s embargo on Russian coal came into force on August 10
EU ramped up Russian coal imports before ban – media

EU member states imported 28% more coal from Russia between March and May compared with the same period last year, Vedomosti newspaper reported on Tuesday. The European Union’s ban on Russian coal came into force on Wednesday.

According to its analysis of UN Comtrade data, deliveries amounted to 29.4 million tons during that period. In monetary terms, supply increased by 3.9 times to $9.3 billion. The average price of imported coal was about $317 per ton against $105 per ton between March and May 2021.

According to UN Comtrade, the main importers of coal were Germany, Poland, Spain, Italy, and the Netherlands.

The European Union embargo was agreed in April and took effect on August 10. It is part of the bloc’s fifth wave of Russian sanctions.

Prior to the ban, Russia was the EU’s biggest coal supplier, accounting for about 45% of total imports. The bloc imported nearly €4 billion ($4.4 billion) worth of coal from Russia annually. Germany and Poland are particularly vulnerable to the embargo, which could inflict further pain on the 27-member bloc, which is already reeling from severe energy shortages and high oil and gas prices.

For more stories on economy & finance visit RT's business section

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