Wednesday, March 22, 2023

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Russia Cuts Coal Price In Half

First Deputy Prime Minister of Russia Andrey Belousov said that Russian coal producers had to export with a discount of 50 to 60 percent, but they still made a profit. Russian First Deputy Prime Minister Andrey Belousov made evaluations about the difficulties in the Russian coal industry in his speech at the event “Made in Russia” held in the capital Moscow.

Stating that Russia has overcome the crisis calmly thanks to its cheap energy resources, Belousov said, “We apply 50 to 60 percent discounts on coal exports. Our companies are forced to sell coal for about half the market price. But they still make a profit,” he said. Explaining that fertilizer exporters are also faced with a similar situation, Belousov said, “As it is known, 20 to 30 dollars discount is applied per barrel in oil.” The European Union started to impose sanctions on Russian coal imports in August as part of the sanctions.

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