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Coal prices hit two-week highs after EU sanctions target Russian imports

Coal prices jumped on Wednesday after the European Union imposed restrictions on Russian imports, marking the bloc's first sanctions on the country's fossil fuels shipments.

"The fifth package has six pillars. First, we impose an import ban on coal from Russia. Worth 4 billion euros a year, finally, it was high time to take these steps. It's the first time we directly sanction the import of fossil fuels from Russia, thus cutting an important revenue source," EU Commission leader Ursula von Der Leyen said on Wednesday.

European coal prices rose sharply, logging a 15% increase since Friday, their biggest two-day rally since early March. Futures for coal deliverable in Rotterdam traded around $303 per ton – their highest since March 24.

European coal prices have already risen by over 120% since the start of this year alone, and are up by over 300% since this time last year.

Speaking on Wednesday, Von der Leyen said the EU must turn up the pressure on Russian President Vladimir Putin and his government, promising to limit the Kremlin's political and economic options, before noting that there will be more sanctions to come.