MOSCOW (Pakistan Point News / Sputnik - 15th July, 2022) The European Union imported 48% less thermal coal from Russia in June compared to May as the bloc prepares to impose a full ban in August, according to figures provided to the Financial Times by CRU consultancy.
Russian coal exports to the EU were rising continuously during the three months of spring as the bloc sought to fill every available storage, before falling to 1.7 million tonnes last month, the commodity consultancy said.
Europe has become increasingly dependent on Russian coal for energy following its ban on sea-carried oil imports from Russia and cuts in natural gas pumped through the Nord Stream 1 pipeline. The bloc is now looking to South Africa and Australia to replace Russian coal.
The British daily quoted UBS analyst Myles Allsop who suggested that the EU would have trouble replacing both coal and gas supplies from Russia. Thermal coal is currently trading at $400 a tonne, up from $130 a year ago.
Russia, meanwhile, has been exploring new markets beyond Europe. It sold more coal to China and India than before the pandemic. China accounted for almost a quarter of the 13.7 million tonnes of coal that Russia exported by sea in June.
