Sergey Kondratiev, Deputy Head of the Economic Department of the Institute for Energy and Finance, commented to Vzglyad.ru on the refusal of Russian coal under the fifth package of EU sanctions.
Russia is a significant supplier for the EU, just as the European market for Russia remains important for coal sales. However, a complete ban on imports from Russia will reshape global flows and markets.
“The European Union has chosen an energy resource that it can somehow replace. Because it is quite difficult to completely abandon Russian gas even in the perspective of three to five years, which the Europeans themselves admit. A complete renunciation of the supply of oil and oil products from Russia can also hit the European economy hard,” Sergey Kondratiev says.
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