Ursula von der Leyen, President of the European Union (EU) Commission, stated that as part of the 5th sanction package to be applied against Russia, they will ban coal imports worth 4 billion dollars from the country yesterday and this embargo will create a significant loss of income for Russia.
Europe officially targets Russian energy sector for the first time with coal embargo
After the announcement, the ton price of coal in April contracts in API2 Rotterdam Coal Futures Market increased by 12.6% compared to the previous close and became 295 dollars.
Today, prices per ton increased by 4.5 percent compared to yesterday's closing and reached 303 dollars.
In the API2 Rotterdam Coal Futures Market, the fund price of coal increased to 330 dollars in May futures contracts and 323 dollars in June futures contracts.
The EU made 54 percent of its total coal imports from Russia in 2002.
Russia is the third largest coal exporting country in the world after Indonesia and Australia.
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