EU plans phase-out of Russian coal imports – report

by | Apr 5, 2022

Share this article

The EU is planning a mandatory phase-out of coal imports from Russia in response to reports about Russian atrocities in Ukraine, according to a report.
The action would be added to measures already ready for debate by EU ambassadors, Bloomberg reported. Details of the plan are under discussion, people familiar with the proposals told Bloomberg.

The European commission is also likely to propose a ban on most Russian trucks and ships from entering the EU, the report said. Russia supplies about half of Europe’s thermal coal used for power stations to generate electricity.

The EU is not planning to sanction Russian oil or gas for now amid deep divisions between member states but some governments want to signal that reduced oil imports are on the way. Reports that Russian soldiers executed civilians have strengthened calls by some EU members for stronger sanctions.

 

The EU’s 27 member states would have to agree the tougher sanctions. Year-ahead futures for coal delivered to northwest Europe rose as much as 7.9% to $205 a ton, Bloomberg said.

Share this article

Related articles

UK inflation hits 40-year high of 10.1%

UK inflation hits 40-year high of 10.1%

Higher food prices helped push up inflation in September, official data showed on Wednesday, to a record 10.1%. According to the Office for National Statistics, the consumer price index rose by 10.1% in the 12 months to September, compared to August's rate of 9.9%....

Reports of delay to bond sale ‘inaccurate’ – BoE

Reports of delay to bond sale ‘inaccurate’ – BoE

The Bank of England appeared to deny reports on Tuesday that it wanted to delay selling billions of pounds of government bonds. The central bank acquired £838bn of gilts during its quantitative easing programme. It had intended to start selling them on 6 October, but...

Trending articles

IFA Talk logo

IFA Talk is our flagship podcast, designed to fit perfectly into your busy life, bringing the latest insight, analysis, news and interviews to you, wherever you are.

IFA Talk Podcast - listen to the latest episode