How much revenue is Russia expected to lose annually from the EU coal ban alone?

Question

Accepted Answer

Russia is expected to lose €8 billion annually from the EU coal ban alone.

The European Union has formally adopted its fifth package of sanctions against Russia, which includes a ban on the import of coal. This specific measure is estimated by the European Commission to result in an annual loss of €8 billion in revenue for Russia. This figure is double the initial estimate previously stated by the EU Commission's head.
Coal Ban Implementation Timeline

The prohibition on coal imports will become fully effective from the second week of August. While new contracts for coal imports are prohibited from the date of the sanctions' publication in the EU's official journal, existing contracts will remain valid until the second week of August. This means Russia can continue to receive payments for coal exports until that deadline.
Broader Sanctions Package Details

Beyond the coal ban, the new EU sanctions encompass a wider range of measures. These include bans on imports from Russia of numerous other commodities and products such as wood, rubber, cement, fertilisers, high-end seafood like caviar, and spirits like vodka, collectively valued at an additional €5.5 billion annually. The EU is also restricting exports to Russia of items including jet fuel, quantum computers, advanced semiconductors, high-end electronics, software, sensitive machinery, and transportation equipment, amounting to a total value of €10 billion per year.
Additional Restrictive Measures

Further sanctions prohibit Russian companies from participating in public procurement within the EU. Additionally, existing prohibitions on the use of crypto-currencies, considered a potential avenue for circumventing sanctions, have been extended. The sanctions package also saw the addition of 217 individuals to the EU blacklist, leading to the freezing of their assets within the EU and imposing travel bans. These individuals primarily include political leaders from the separatist regions of Luhansk and Donetsk, along with prominent businessmen, politicians, and military personnel closely associated with the Kremlin.

Reading history

Hide →

This history is cleared when the page is closed.

How much revenue is Russia expected to lose annually from the EU coal ban alone?

Loading

Was this article helpful?

Helpful

Not helpful

Report an issue

1

0

0

Share with friends