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Europe agrees to stop buying Russian coal

Date: 09 April 2022 Tags: Miscellaneous
  • The European Union is poised to ban Russian coal in the first sanctions on the vital energy industry over the war in Ukraine.
  • The coal ban, expected to be approved in a new package of sanctions this week, would cost Russia 4 billion euros ($4.4 billion) a year.
  • The move is significant because it breaks the taboo on severing Europe’s energy ties with Russia. It’s also certain to fuel already record-high inflation.