Coal miners from Russia faced the refusal of European insurers to work with them following the introduction of supply restrictions to the European Union (EU). About this RBC declaration Mochalnikov, Deputy Head of the Ministry of Energy.
“A statement has been issued prohibiting European companies from insuring, reinsurance of Russian coal-fired ships moving in any direction, not only to Europe – this seriously affects exports,” Mochalnikov said.
According to him, this problem can be overcome and has a temporary character. The thing is, suppliers from Russia can find new supply chains. However, this will lead to higher prices for Russian coal in new markets.
He added that the supply of Russian coal to Europe and Ukraine is at the level of 64 million tons. So, that’s a quarter of all exports that become unusable. Now this volume needs to be placed in other markets. For example, the Indian market has always been promising for Russia.
August 25, citing Bloomberg knowledgeableDue to the EU embargo that came into effect on August 10, 2022, it was announced that the export of Russian coal by sea was actually stopped. As a result, Russia’s largest power producer SUEK has been unable to deliver fuel since mid-August.
Source: Gazeta
Barbara Dickson is a seasoned writer for “Social Bites”. She keeps readers informed on the latest news and trends, providing in-depth coverage and analysis on a variety of topics.