EU sanctions have stopped the export of Russian coal.

The export of Russian coal by sea stopped due to the European Union’s ban on the purchase and transportation of Russian coal anywhere in the world, writes Bloomberg. Russia’s largest coal mining company, SVEK, has been unable to ship fuel since mid-August because companies from the EU, Great Britain, and Switzerland dominate the cargo insurance market. The EU sanctions against Russian coal and some types of fertilizers, which came into effect on August 10, apply not only to acquisition but also to transportation. Russia began diverting coal supplies to Asia long before the EU ban took effect, but now shipowners can no longer insure such exports. Russian coal exporters are considering other options, but they think their costs will be very high.