Loss of some markets in Europe and Japan offset by increased buying by India and Turkey
Barentsburg, a coal mining town in Svalbard, Russia. File photo: REUTERS/BALAZS KORANYIMuch of the focus on sanctions on Russia’s commodity exports is on crude oil and natural gas, but coal is perhaps the best example of the challenges facing those seeking to punish Moscow for its invasion of Ukraine.
South Korea has yet to formally sanction imports of Russian energy but is said to be planning for an end to the trade, while China and India, the world’s two biggest coal importers, have no sanctions on Russia and are stepping up imports to benefit from steep price discounts. Breaking the data further down shows that China has boosted imports from Russia since the invasion, but this is partly a reflection of higher overall imports.
However, while India is buying more Russian coal, it is worth noting that it still only makes up a relatively small portion of its overall imports, with Russia’s share being just 4.4% of the 26.08-million tonnes imported in June.Japan, the world’s third-biggest coal importer, has made some headway in cutting imports from Russia, with arrivals dropping to 483,096 tonnes in June, down from 572,990 in May. These levels are about half of imports in January, which were 1.
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