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US continues to increase sanctions on Russian coal industry
Release time:
2024-09-12 18:04
Source:
According to information from CCA Analytics on August 31, the U.S. Treasury Department (US Treasury Department) continues to expand sanctions against Russian coal producers and will include the following companies on the SDN list from August 2024:
:: A subsidiary of the Evraz Group (Evraz), including Yuzhkuzbassugol and Raspadskaya, whose shares are traded on the Moscow Exchange. Evraz has been under UK sanctions since 2022;
● Mechel Mining and its subsidiary coal companies Southern Kuzbass and Yakutugol. Mechel's other entities have been subject to U.S. sanctions since February 2024;
● SDS Group and its affiliates;
● Stroyservis Group and its affiliates.
Earlier this year, Russian coal producers SUEK, Mechel (except Mechel Mining), Sibanthracite, Elga, Coalstar and Razrez Mairykhsky were added to the sanctions list. The embargo sanctions also apply to the related mining, washing and processing, transportation and port assets of these coal companies.
Increasing sanctions will further reduce Russian coal exports in 2024 and 2025. The new restrictions cover another 10 per cent of Russian coal exports, which are now about 50 per cent restricted by Western countries such as the United States, taking into account the previously imposed blockade sanctions. Threatened by secondary sanctions and payment issues, Russian suppliers will have to reduce their coal exports to the Asia-Pacific region, especially to South Korea and Taiwan.
Sanctions that prevent Russian coal companies from exporting could lead to an imbalance in the global supply and demand of high-quality coal, both thermal and metallurgical, as well as injection and anthracite.
The missing amount of Russian high-quality thermal and metallurgical coal will not be able to be made up from other sources in the market, as the quality of coal from Indonesia, South Africa and Colombia does not match that of Russia, while Australia has limited capacity to increase coal production.
As a result, this may push up the thermal coal index price based on 6,000 kcal/kg, as well as the global market price of coking coal, injection coal and anthracite.
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