COM - EU proposes 5th round of Russian sanctions - focus on natural resource sectors

It was rumored earlier Tuesday that the EU would propose a ban on Russian coal imports; the EU Commission has since released a statement proposing a partial coal ban, along with several other natural resources. Interestingly, the statement indicates "we will impose an import ban on coal from Russia, worth EUR 4 billion per year." According to the IEA, Europe imported ~74mt of coal from Russia in 2019; at today's prices that could be nearly $16b worth of coal annually, suggesting the proposed ban is quite targeted and perhaps accounts for only seaborne trade.  The release noted, "new import bans, worth EUR 5.5 billion, to cut the money stream of Russia and its oligarchs, on products from wood to cement, from seafood to liquor." (LB1:COM) It's difficult to determine exactly what would be targeted or in what quantity; however, the statement clearly separates oil sanctions (USO) (XLE) from the list, and fails to mention

For further details see:

EU proposes 5th round of Russian sanctions - focus on natural resource sectors