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New UserEU removes sanctions on Russian coal and timber
26 Sep 2022
As the war in Ukraine began, European nations imposed sanctions on Russia to
hurt it economically and financially. In the sixth package of sanctions against
Russia, the European Union (EU) banned all imports of Russian coal. The ban was
agreed upon in April with the import wind-down period ending on 10 August.
With
an oil embargo on Russian seaborne oil authorised in June as part of the sixth
round of sanctions and scheduled to go into effect at the end of the year, coal
was the first Russian energy source to be sanctioned by the EU.
The commission has stated that its sanctions forbid EU companies from
transferring coal and other services, such as finance and insurance, to any
shipments of such goods coming from Russia.
The coal resurgence
But,
amidst the gas crisis, many Europeans are concerned about the growing expense
of feeding families and heating houses. Due to the ongoing war in Ukraine,
Europe is already preparing for what may be a long and chilly winter. But
Europe cannot simply reduce its reliance on Russian energy. To do so, it
would need a substitute. And many people believed that this replacement would
come from renewable energy sources like wind and solar, but at the moment, that
is not the case.
Due
to the energy crisis affecting Europe, several countries, such as Germany,
Austria, and the Netherlands, have switched back to coal in an effort to save
and stockpile gas before the winter.
The International Energy Agency predicts a 7%
increase in coal usage in the EU this year. Currently, there is such a huge
demand for coal that the price has tripled from
$134 per metric tonne at the beginning of the year to over $400 per tonne. Even
for small businesses, there has been a significant rise in Colombia.
Their
capacity to adhere to the European Climate Law, which sets the intermediate
goal of lowering net greenhouse gas emissions by at least 55% by 2030 in
comparison to 1990 levels to achieve carbon neutrality by 2050, has been
impacted by the move.
Also
Read: So, neither Ukraine nor
Russia was the target of the war. Europe is, and Biden proves it
EU contemplates removing sanctions
on Russian coal
EU has
taken a U-turn on sanctions against Russian coal. According to the new guidelines from
the European Commission, the executive branch of the EU, the transfer of some
items, particularly coal and allied products, “should be allowed to combat food
and energy insecurity around the world.”