EU Imposes New Sanctions On Russia, Know How Ban Of Russian Coal Will Impact Member Countries

The restriction on coal import is estimated to cost 4 billion euros ( 4.4 billion) per year as the EU members consider additional sanctions on Russian oil, wood and vodka.

New Delhi: European Union members approved new sanctions against Russia on Thursday, including an EU embargo on coal imports over the reports of torture and killings emerging from war zones outside Kyiv.

The sanction related to coal imports is considered to be first EU sanctions targeting Russia's thriving energy industry over its invasion of Ukraine, an official said on Thursday without disclosing identity as the official announcement had not yet been made, according to AP report.

The sanctions package also includes a ban on most Russian trucks and ships from entering the EU.

Who approved the sanction on coal import?

The French presidency of the European Council on Thursday informed that the latest sanction has received the political nod.

The main preparatory body including EU representatives of each members, known as Coreper, approved what would be the fifth EU package of sanctions, including a sanction on coal imports from Russia, reported DW News.

How will the ban impact Russia?

The restriction on coal import is estimated to cost 4 billion euros ( 4.4 billion) per year. It is also looking at additional sanctions on oil, Russian wood and vodka, according to the report.

The sanctions will be formally implemented on Friday after the bloc approved the measures, reported DW News.

However, German Chancellor Olaf Scholz said it will need a full 120-day period to implement a coal ban, according to the publication. Scholz said the country would need to use the full transition period in order to implement a ban on Russian coal.

Member states would need to find alternative sources during the 120-day window. 

How much does the EU rely on Russian oil?

Russia is Europe's biggest oil supplier, offering 26 per cent of EU oil imports in 2020, according to Eurostat data. Other suppliers include Norway, Kazakhstan, the United States, Saudi Arabia and Nigeria.

The Netherlands, Germany and Poland remain the biggest buyers of Russian barrels, according to Eurostat. Poland, for instance purchases more than half of its oil imports from Russia. Overall, 97 per cent of the crude that Europe uses comes from abroad. Russian diesel also covers about 10 per cent of Europe's demand.