Screenshot: U.S. Energy Information Administration
The new European Union vow to ban Russian coal would block a major export market.
Why it matters: EU officials say the plan announced Tuesday, part of wider new sanctions, thwarts $4.4 billion worth of Russian revenues.
Yes, but: European leaders have not yet directly targeted natural gas and oil exports that are far more lucrative for Russian President Vladimir Putin.
- But the bloc plans to wean itself from heavy reliance in the coming years.
The big picture: Russia supplies around 45% of Europe's coal. Other key suppliers include the U.S. and Australia.
- "In principle, shipments from countries that have reduced exports to the EU are still largely available to substitute for Russian coal," analysts at the European economic think tank Bruegel said, per Reuters.
- But Bloomberg reports the coal ban is nonetheless a "big gamble" because Europe is "potentially leaving itself vulnerable to shortages and rolling blackouts."