EU coal import ban from Russia enters into force at midnight

(Patria) - EU member states will no longer be allowed to import coal from Russia after the transitional period, which ends at midnight tonight. The embargo is part of the fifth package of sanctions agreed upon by the EU in April and will come into force from Thursday onwards.

EU states agreed on a 120-day transitional period to give the industry time to adapt to the import ban. The goal is to weaken the Russian economy in the midst of its invasion of Ukraine. The European Commission announced that the coal embargo could cost Russia around 8 billion euros annually.

The EU coal embargo was the first sanction against Russia in the energy sector. In a later package, the European Union banned the import of Russian oil to increase pressure on Moscow. The oil embargo is expected to come into force by the end of the year, with exceptions for several countries that are particularly dependent on Russian oil. This includes Hungary, which will be allowed to continue receiving oil supplies via pipelines from Russia.

Russian pipeline operator Transneft announced on Tuesday that oil transport from Russia to Hungary, the Czech Republic, and Slovakia has been halted.