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The European Union’s heavy dependence on Russia’s energy industry has deterred the bloc from imposing any harsh sanctions on the latter, until now.
On Tuesday, the 27-member bloc proposed embargoing Russian coal as part of its fifth round of sanctions,.
European Commission President Ursula von der Leyen announced, “We will impose an import ban on coal from Russia, worth 4 billion euros ($4.39 billion) per year. This will cut another important revenue source for Russia.”
CNBC reported that the EU imported 19.3% of its coal from Russia in 2020. In the same year, it imported 36.5% of its oil and 41.1% of its natural gas from the country.
The EU’s heavy dependence has taken a backseat as Russia intensifies its attack on Ukraine, targeting unarmed civilians along the way.
“These atrocities can not and will not be left unanswered. The perpetrators of these heinous crimes must not go unpunished,” von der Leyen said.
Along with the latest sanctions on energy, the EU has banned Russian ships entering EU ports (with some exemptions) and on Russian and Belarusian road transport operators
EU’s export goods such as advanced semiconductors and machinery worth €10 billion ($10.9 billion) have also been added to the list. In turn EU’s imports of wood and cement, seafood and alcohol, have also been banned.
Russian companies would also be barred from taking part in competing for contracts across the EU.
Despite all the above-mentioned sanctions, the EU is still struggling to vote out Russian oil and gas due to the bloc’s heavy dependence on the latter.
Inputs from CNBC