European leaders have planned to phase out Russian coal imports

In response to the horrifying scenes in Bucha, a Kyiv suburb, European leaders have decided to phase out Russian coal shipments.

The European Commission recommended a gradual ban on Russian coal imports worth €4 billion ($4.3 billion) each year on Tuesday as part of the fifth package of penalties aimed at further reducing Russian President Vladimir Putin’s war fund.

Since Putin’s tanks stormed into Ukraine in late February, Europe has put harsh sanctions on Russia’s economy but has avoided hitting Russia’s energy industry – until now.

Images of unarmed individuals bound and shot laying along Bucha’s highways, which were under Russian rule until recently, have encouraged leaders to change course.

When EU ambassadors meet for negotiations on Wednesday, more details on the current wave of sanctions, including the timing for the coal ban, are expected.

The measures must still be approved by all 27 member nations.

Coal sanctions will sting certain European countries, but it is one of the simplest energy sources to transition away from – much of the globe is already doing so.

The most difficult questions are, “What happens next?” and What will a EU ban mean for coal prices? To know the answer of such question please read our article by clicking below.