EU delays Russia coal ban under German pressure - report
By Michele Maatouk
Date: Thursday 07 Apr 2022
(Sharecast News) - The European Union will delay implementing a ban on Russian coal until mid-August because of pressure from Germany, according to a report.
EU envoys will approve the plan on Thursday but it will take effect a month later than expected, Reuters said. The European commission had originally proposed a three-month wind-down of existing contracts.
Germany, the EU's main importer of Russian coal, asked for a longer timescale, the report said. The commission has estimated the plan could cost Russia €4bn a year in lost revenue but oil and gas exports are carrying on as normal.
The EU devised the coal ban in response to reports of atrocities by Russian troops in the Ukrainian town of Bucha. Oil and gas exports to the EU bring in far more revenue to Russia than coal.
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