That Fifth sanctions package a Russia includes the Russian coal ban. The measure is reduced source of income from Russia, of about 8,000 million euros per year. The European Council points this out.
Since August, European Union (EU) countries have not been able to buy Russian coal. Russia Deliveries 46% of coal consumed by the EU. His withdrawal will be gradual over the next 120 days.
“As Russian coal is blocked, prices will go up because demand will go up,” he explains. Fernando Kocho, intelligence analyst and geopolitician. The rest of the coal suppliers will have more potential buyers; Experts believe that this could lead to bottlenecks.
Although coal assumes that two% In case of Spain. The power plants that use it have stopped buying coal from Russia since the invasion. It is bought from countries like Indonesia, Kazakhstan or Australia.
Oil and Gas Sanctions
The President of the European Commission, Ursula von der Leyen, argued that Brussels was preparing sanctions against crude oil. Your counterpart in the European Council, Karl MichaelHe believes that “sooner or later” we will have to talk about sanctions on gas and oil. However, the approval of sanctions requires the unanimity of the member states, where there are different positions. Poland demands hardness, France is available to fine oil and Hungary he flatly refuses.
That 26.9% oil consumed by the European Union is Russian. The bloc studies sanction the crude oil that financially feeds President Vladimir Putin. Options such as a gradual import ban or the levying of customs duties are being examined.
The case of gas it is more difficult to replace and transport this oil. Eurostat estimates that 80% of imports to Austria come from Russia. It is a highly dependent country, making it difficult to impose sanctions.
One potential solution is to buy more liquefied natural gas from the United States, Qatar, or Nigeria. However, the available quantity is limited.