The European Union is banning Russian coal imports, marking the first time the 27-member union has shown willingness to touch energy supplies from Russia. It will cost Russia some 4 billion euros a year. But Europe spends far more on Russian oil and gas.
Yet European Council President Charles Michel said, “I believe that measures on oil and even on gas will also be needed sooner or later.”
Germany has reduced its reliance on Russian natural gas from 55% to 40%, but the government says the consequences to jobs from a cutoff would be too great. Energy Minister Robert Habeck says the country will halt Russian coal this summer, oil by year’s end and gas in mid-2024. But it’s not problem-free either. Russia is the world’s largest oil exporter, with 12% of global supply. Taking its oil to Europe off the market would drive up prices from other exporters, such as Saudi Arabia, when supplies are already tight.
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