EU imposes new sanctions on Russia: What EU coal import embargo would mean
Premium- Apart from an EU embargo on Russian coal imports, the sanctions includes an import ban on Russian wood and vodka
The European Union has agreed on a new sanctions package, including an embargo on Russian coal imports for invading Ukraine, according to news agency ANI report. The sanctions will be formally implemented on Friday after the bloc approved the measures, reported DW News.
This comes at a time when the current French presidency of the European Council said late on Thursday that the bloc's latest sanctions package has been given the political green light. The main preparatory body comprising of each member's EU representatives, known as Coreper, approved what would be the fifth EU package of sanctions, including a stop to coal imports from Russia, reported DW News.
The package will be implemented once it is published in the EU's official journal, which is expected to happen on Friday. Apart from an EU embargo on Russian coal imports, the sanctions includes an import ban on Russian wood and vodka.
Once implemented, it would be the bloc's first sanctions package to majorly target Moscow's energy industry. The measures all short of a total ban on Russian fossil fuel imports, but EU officials said it could follow if Moscow maintains its assault, reported DW News.
However, German Chancellor Olaf Scholz said that it will need a full 120-day period to implement a coal ban, reported the publication. Scholz said the country would need to use the full transition period in order to implement a ban on Russian coal.
EU leaders agreed that the fifth package of sanctions should include an embargo on coal and that there would be a 120-day window in which member states would need to find alternative sources.
How much does the EU rely on Russian oil?
Russia is Europe's biggest oil supplier, providing 26% of EU oil imports in 2020, according to Eurostat data. Other suppliers include Norway, Kazakhstan, the United States, Saudi Arabia and Nigeria.
The Netherlands, Germany and Poland are Europe's biggest buyers of Russian barrels, according to Eurostat. Poland, for example, buys more than half of its oil imports from Russia. Overall, 97% of the crude that Europe uses comes from abroad. Russian diesel also covers about 10% of Europe's demand.
Oil and petroleum products provided around a third of the EU's gross available energy in 2020 - a measure of the overall energy supply which includes electricity as well as transport and chemical production, which rely on oil.
(With inputs from agencies)
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