Market Chatter: EU Ban On Russian Coal Imports Could Trigger Higher Prices

Market Chatter: EU Ban On Russian Coal Imports Could Trigger Higher Prices

The European Union's restriction on Russian coal imports may result in further price increases amid delivery delays as shipowners seek alternative but costly reinsurance options, Bloomberg News reported Wednesday, citing people familiar with the matter.

The ban, which took effect on Aug. 10, also prevents local companies from providing services including financing and insurance to all coal shipments from Russia. Top thermal coal miner Suek has not been able to ship its products since mid-August, the report said.

Russia accounts for about 17% of the global coal shipments.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)