March 31, 2023

Athens News

News in English from Greece

The embargo on Russian coal introduced by the European Union and Great Britain came into force

tenth of august EU and the UK have halted coal imports from Russia under the fifth round of sanctions imposed in response to Russia’s invasion of Ukraine.

According to “European Truth”, adopted in April, the decision assumed that from August a ban on the purchase, import or transportation of coal and other solid fossil fuels to the European Union, if they originate or are exported from the Russian Federation, comes into effect. According to experts, this will cost Russia about 8 billion euros in lost revenue annually.

In the UK, an amendment within the framework of sanctions against the Russian Federation to ban coal imports came into force on July 21. It prohibits the import of oil and oil products, coal and products from coal, gold, as well as the purchase, supply and delivery (directly or indirectly) of these goods. The amendment prohibits the provision of technical assistance, financial services and funds, and brokerage services that are associated with these goods.

On August 9, as our publication reported, the EU plan for reduce gas consumption by 15%, his goal is to deal with the gas crisis due to the war in Ukraine.

EU member states have agreed to reduce their gas demand by 15%, compared to the average consumption over the past five years, between August 1, 2022 and March 31, 2023. This is equivalent to about 45 billion cubic meters of gas.

For some states, the Council of the EU allowed to make exceptions. For example, for countries that are not connected to the gas networks of other states, they are exempt from the mandatory reduction in gas demand. As explained in the European Council, “they will not be able to release significant volumes of pipeline gas in the interests of other member states.”

Source link