Stock market analytics, financial forecasts

Get the latest economic news from ForexMart, including updates on the financial market, central banks' policy announcements, financial indicators, and other relevant news which can have an impact on the industry.

Disclaimer:  Information provided here to retail and professional clients does not contain and should not be construed as containing investment advice or an investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance.

Germany intends to completely abandon Russian coal in four months


April, 08 2022
watermark Economic news

German Chancellor Olaf Scholz said that Germany should stop importing coal from Russia for a 120-day transition period, which is provided for by new EU sanctions. Within 4 months, all EU member states must implement a complete rejection of Russian coal. 


At the same time, Scholz added that it would be good if it could be done faster. However, local companies need time to prepare and search for new sources of energy.


Yesterday, the Committee of Permanent Representatives of the EU countries in Brussels agreed on the fifth package of sanctions against Russia. It will be officially published today. The new sanctions provide for a ban on the import of coal and some other goods from the Russian Federation, an embargo on the supply of weapons and high-tech goods to Russia in the amount of 10 billion euros, as well as the freezing of assets of a number of Russian banks.


In addition, Russian ships will be denied access to EU ports and the work of Russian cargo carriers in Europe will be restricted.


Earlier, Poland also stated that it plans to completely abandon Russian coal in April or May, and by the end of 2022 – completely abandon oil from Russia. Latvia in early April, the first in the European Union, has already refused to supply Russian natural gas. Latvia's example was immediately followed by the rest of the Baltic states – Lithuania, Estonia.


Feedback

ForexMart is authorized and regulated in various jurisdictions.

(Reg No.23071, IBC 2015) with a registered office at Shamrock Lodge, Murray Road, Kingstown, Saint Vincent and the Grenadines

Restricted Regions: the United States of America, North Korea, Sudan, Syria and some other regions.


© 2015-2024 Tradomart SV Ltd.
Top Top
Risk Warning:
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.