European sanctions against Russia practically stopped the sea export of coal from this country. This is reported by Bloomberg.
Citing sources, the publication writes that the largest Russian coal mining company JSC "Suek" has been unable to ship products since mid-August. In addition, the insurance and reinsurance market is dominated by companies from the EU, Great Britain and Switzerland, and the introduced sanctions make it difficult for shipowners to find insurers.
It should be noted that the embargo on the import of Russian coal to the European Union entered into force on August 10, 2022. At the same time, the sanctions also prohibit European operators from financing and insuring supplies.
However, long before the embargo took effect, Russian coal miners began to redirect exports to Asia. Russia is among the top 3 largest exporters of coal, controlling about 17% of world supplies. The coal industry accounts for about 1% of the Russian economy.