While the EU ponders additional sanctions, Italian Premier Mario Draghi said no embargo of Russian natural gas is up for consideration now. Germany’s coal importer’s association said Russian coal could be completely replaced from the U.S., South Africa, Colombia, Mozambique and Indonesia “by next winter” — at higher prices. The big debate remains oil and natural gas, with the European Union dependent on Russia for 40% of its gas and 25% of its oil. It's tougher for Europe to cut off than the U.S., which imported little Russian oil and no gas and has banned both. Energy Minister Robert Habeck says the country will halt Russian coal this summer, oil by year's end and gas in mid-2024.

Source: Forbes April 07, 2022 20:00 UTC