EU delays embargo on Russian coal until August, excludes oil and gas

EU governments ratified this Thursday after two days of intense debate Fifth round of sanctions on Kremlin over Kremlin-Ukraine war. The new package has been tightened due to the massacre of civilians by Russian troops in the city of Bukha.EU imposes restrictive measures on Russia’s energy sector for the first time, but Embargo affects only coal, not oil or gas.

In addition, the twenty-seven countries have decided Delays entry into force of Russia’s coal ban by 120 days, which means it will only take effect in August. This is exactly the transition period that Germany has set to abandon Russian coal and that other European partners are now taking on.

Coal exports to the EU think Annual revenue in Moscow is 4 billion euros. The European head of diplomacy himself, Joseph Borrellhas admitted that “Europeans are a fraction of the energy bill They still pay Vladimir Putin.

Borrell denounced, EU has paid Putin $35bn for energy since war broke out, that is, about 1 billion a day. This figure stands in stark contrast to the $1 billion total used to finance arms shipments to Ukraine.Amount intended by the EU expand to 1.5 billion in the next few days, As announced by the President of the European Council, Charles Michael.

The head of community diplomacy also announced that EU foreign ministers will begin discussions on the Russian oil embargo next Monday. “Sooner or later, I hope it will happen as soon as possible,” Borrell said. Currently, Germany, Austria and Hungary insist on refusing to ban Russian oil and gas. They claim this will plunge the European economy into a new recession.

By contrast, the plenary session of the European Parliament approved a resolution on Thursday —513 votes in favour, 22 against, 19 abstentions– who claims “Total and direct” veto Imports oil, coal, nuclear fuel and natural gas from Russia. The resolution is not binding, but sends an important political signal to European leaders.

“The ban on the import of fossil fuels from Russia will have an impact on EU economic growth, with an estimated loss of less than 3% of GDP, while the potential loss to the Russian economy over the same period will reach 30% of GDP, Essential to deter Russian aggression“, assured the European Parliament.

On Thursday, the Kyiv government again asked Western allies to implement a comprehensive energy embargo. “As long as the West continues to buy gas and oil from Russia, One hand for Ukraine, the other for the Russian war machine”, condemned Ukrainian Foreign Minister Dmitry Kouleba after attending a NATO meeting in Brussels.

What is a Russian ship?

The fifth set of sanctions also includes a ban on Russian-flagged ships from entering EU ports. Defining the exact makeup of the Russian ships was what the 27 ambassadors spent the most time on., according to diplomatic sources. Russian and Belarusian road transport companies will also be banned from entering EU territory.

The new batch also includes a new export ban to Russia High-tech products worth 10 billion eurosThe sources consulted stressed that the veto itself would amount to a total U.S. embargo on Moscow. In addition, the import of 5.5 billion euros of raw materials from Russia is prohibited.

Finally, the EU will freeze all assets of several Russian banks, Personal sanctions will be expanded (blocking accounts and assets and banning access to community territory) against oligarchs, Russian propagandists, members of security and military establishments, and entities in the industrial and technological sectors associated with Russian aggression in Ukraine. Multiple media reports said the new list includes Putin’s two daughters..

Russian-Ukrainian War

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