The EU has extended its bans on Russian coal and seaborne crude oil imports by six months until 31 July as Russia’s war on Ukraine continues.
The bans are part of the bloc’s wider sanctions aimed at reducing Russia’s revenues from international trade and thwarting its ability to continue funding the war.
The bloc imposed the ban on Russian coal in August 2022, and the ban on imports and transfers of Russian seaborne crude oil in December 2022. The oil ban covers nearly 90% of Russian oil imports to Europe.
EU thermal coal imports were set to hit a nine-month high in January, confounding last winter’s fears of possible shortfalls in the wake of the sanctions.
Meanwhile, the global oil market looks “well supplied” in 2024, despite geopolitical risks in the Middle East, said the International Energy Agency this month.