The European Union's import ban on Russian coal products officially took effect at midnight on August 11 local time. The EU had previously agreed on a transitional period of 120 days to give the most coal-dependent countries in the Union time to adapt to the import ban, and though the objective is to punish Moscow financially, Russian coal exporters are already chasing buyers in other countries, Mysteel Global notes.
The coal import ban is the first step by the 27 member countries of the EU to wean the Union off its reliance on Russia's energy supplies. The EU last year secured around 45% of its coal imports from Russia. All EU countries bought roughly 52 million tonnes of Russian