• 2 days The Federal Reserve and Money...Aspects which are not widely known
  • 8 minutes How Far Have We Really Gotten With Alternative Energy
  • 12 minutes  What Russia has reached over three months diplomatic and military pressure on West ?
  • 3 days Coincidence of EIA Report Delay? - "I had seen it delayed minutes, and a couple of times a few hours, but don’t recall something like this — do others?" asks Javier Blas
  • 16 hours European Parliament Members, Cristian Terhes et al, push back against Totalitarian Digital ID and Carbon Tyranny in Europe.
  • 4 days Demonising fossil fuels has caused major grid problem in Australia
  • 8 days "And this is perhaps the most dangerous kind of government there can be."
  • 3 days "...too many politicians believe things that aren’t true." says Robert Rapier
  • 4 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 3 days Welcome to Technocracy - The New World Energy Order... "1000s Of Sydney Homes Plunged Into Darkness As Aussie 'Price Cap' Policy Sparks Energy Shortage"
  • 5 days "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 329 days Beware the Left's 'Degrowth' Movement (i.e. why Covid-19 is Good)
  • 7 days ESG Topic - "German Police Raid Deutsche Bank, DWS Over Allegations Of Greenwashing" - ZeroHedge Bloomberg and others
Can The U.S. Overtake China In The Battery Metal Race?

Can The U.S. Overtake China In The Battery Metal Race?

The global push towards renewable…

Is It Too Late To Invest In The Oil Price Rally?

Is It Too Late To Invest In The Oil Price Rally?

Many analysts say that the…

European Coal Prices Soar As EU Proposes Ban On Russian Coal Imports

Coal prices in northwest Europe jumped on Wednesday to their highest level in one month, after the European Commission proposed on Tuesday a ban on imports of Russian coal over Russian war crimes in Ukraine.

The benchmark European coal contract for delivery in 2023 jumped by 6.5 percent on Wednesday, to $230 per ton, while the front-month contract for May delivery surged by double digits, according to Bloomberg’s estimates. The May contract surged by 11 percent to $330 per ton.

This week’s renewed rally in European coal prices comes as the European Commission proposed on Tuesday a ban on imports of Russian coal in the European Union (EU), after footage continued to emerge of alleged war crimes committed by Russian troops withdrawing from Ukrainian towns.

The EU failed, however, to approve the measure on Wednesday, with outstanding technical issues still needing to be addressed. A new meeting is scheduled for Thursday.

The EU’s fifth package of sanctions against Russia, which the Commission proposed on Tuesday, includes an import ban on coal from Russia, worth $4.4 billion (4 billion euro) a year.

“Finally, it was high time to take this step. It is the first time that we directly sanction the import of fossil fuels from Russia, thus cutting an important revenue source,” European Commission President Ursula von der Leyen said in a speech on Wednesday.

“But now, we have to look into oil and we will have to look into the revenues that Russia gets from the fossil fuels. And we really have to make an effort, for example to take a share to an escrow account, so that we will really limit the source of revenues of Russia from fossil fuels. This has to end, and this is the next step we will have to take together,” von der Leyen added.

Europe will have to procure alternative supply from the United States, South Africa, Colombia, and even Australia, according to Morgan Stanley.

“Reconfiguring global trade flows in such a scenario would take time and raise costs,” Morgan Stanley said in a note carried by Bloomberg. 

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:

Join the discussion | Back to homepage

Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News