South Korea will increase coal imports from Australia to reduce dependence on Russia

South Korea intends to increase coal imports from Australia by 1.5 times. Thus, the South Korean authorities expect to reduce dependence on Russia, which supplies the country with about 62% of the total coal. Australia accounts for 38% of imported coal.

Vice Premier and Economy and Finance Minister Hong Nam Gi said that South Korea will seek to increase imports of bituminous coal from Australia. “Recently, due to the Ukrainian crisis and other reasons, the price of bituminous coal has doubled sharply compared to the beginning of the year, which caused prices for cement and other key building materials to rise and supply instability,” he said at a government meeting (quoted from “Prime”).

The South Korean authorities plan to increase the production of cement, as well as monitor the situation with the supply of key building materials. The government intends to encourage local companies to expand the production of building materials, but at the same time “hard to crack down on any illegal price increase,” said Mr. Nam Gi, quoted by Yonhap.

As part of the sanctions imposed in response to the Russian military operation in Ukraine, the European Union (EU) is discussing the rejection of Russian energy sources. The EU has already imposed an embargo on Russian coal, which will take effect from August. Thanks to rising prices due to the threat of an embargo, Russia has already doubled its energy revenues in the EU. Poland proposed introducing duties on the import of Russian energy resources at 25-35%.

Read about the disagreements over sanctions in the material “Kommersant” “Union gas governments”.

Even more news is in the Kommersant Telegram channel.

Laura Keffer



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