EU Sanction on Russian Coal To Worsen World Energy Crisis

According to the most prominent Russian coal producer, SUEK, the sanctions imposed by the European Union on Russian coal imports represent a worsening of the current global energy crisis, affecting the European economy and consumers.

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"European sanctions in respect of Russian coal suppliers deepen the rising global energy crisis and turn the EU into the territory of prohibitively high prices and inflict damage to the European economy and consumers because they make energy-intensive production economically disadvantaged," said the company.

"The population of other regions of the globe also suffers from such decision: the energy shortage creates risks of social shocks for billions of residents of Asian, African and Latin American countries," it added.

The coal company highlighted that such sanction would only double the load on the natural gas market, especially in light of the current scenario of cuts of Russian supplies to the continent. SUEK foresees that the mentioned factors increase energy demand equal to about 20 percent of global trade.

The sanction imposed on Russian coal by the European Union came into force last August 10, 2022.