Coal jumped on Wednesday after EU leader Ursula von der Leyen announced sanctions on Russian importsRussian coal imports to Europe are worth over $4 billion annually, Von der Leyen said. AdvertisementCoal 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. 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. Furthermore, while Von Der Leyen noted that Russian coal imports to EU nations were worth $4 billion a year, this is only a fraction of the bloc's total trading volume with the country for mineral fuels – coal, oil and natural gas. "In 2021, the total trade in goods between the EU and Russia amounted to €257.5 billion.

Source: Economic Times April 07, 2022 01:02 UTC