EU considering coal, oil sanctions against Russia

The European Commission in Brussels draws up sanction decisions but adoption requires unanimity across the 27 member states. Image: Getty
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Updated 05 April 2022
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EU considering coal, oil sanctions against Russia

The EU is considering to hit Russia with sanctions on oil or coal over the war in Ukraine, a top official said on Tuesday, though some countries remain worried of the potential economic fallout.


The European Union and US are currently preparing more sanctions against Russia after allegations that Russian forces carried out war crimes when dozens of bodies were discovered near Kiev.


The Europeans are under pressure to hit Moscow in the crucial energy sector and stop paying out the huge proceeds from gas, oil and coal that are helping Russia pay for the war.


“I don’t want to preview but indeed there are discussions on what can be done in an area of energy like coal and oil,” said EU executive vice president Valdis Dombrovskis as he arrived for EU minister talks in Luxembourg.


“Discussions about this are ongoing. As far as the European Commission is concerned, it’s definitely an option, he added.


The European Commission in Brussels draws up sanction decisions but adoption requires unanimity across the 27 member states.


So far countries deeply dependent on Russia for energy — such as Germany, Austria and Italy — have resisted expanding the measures to gas or oil and have fought off pleas to do so from Poland and the Baltic states, as well as the United States.


Germany on Monday said gas was still off limits for now, given its continued importance to the European economy, while on Tuesday Austria indicated that coal imports could be an option.


“We will discuss (the question of coal) today,” said Austrian Finance Minister Magnus Brunner.


“We must always be careful with the sanctions and calmly consider what effects it has for ourselves,” he added.


EU foreign ministers could adopt the latest package, either on the sidelines of NATO or G7 meetings happening Wednesday and Thursday, or at their regular meeting early next week.


Since Russia’s military buildup against Ukraine began, sanctions against Moscow have been coordinated with the United States and other Western allies.


Washington on Monday said more sanctions against Russia would be announced “this week.”


Closing Bell: Saudi main index climbs to 10,485 

Updated 21 December 2025
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Closing Bell: Saudi main index climbs to 10,485 

RIYADH: Saudi Arabia’s Tadawul All Share Index edged up on Sunday, gaining 34.32 points, or 0.33 percent, to close at 10,484.59. 

The total trading turnover of the benchmark index stood at SR2.59 billion ($690 million), with 168 listed stocks advancing and 87 declining. 

The Kingdom’s parallel market Nomu also gained 100.37 points to close at 23,454.65. 

The MSCI Tadawul Index advanced by 0.13 points to 1,377.44. 

The best-performing stock on the main market was Nama Chemicals Co., whose share price increased by 9.98 percent to SR22.38. 

The share price of Al Masar Al Shamil Education Co. rose by 9.15 percent to SR23.85. 

Saudi Paper Manufacturing Co. also saw its stock price climb by 8.42 percent to SR57.95. 

Conversely, the share price of Canadian Medical Center Co. dropped by 6.37 percent to SR6.03. 

The stock price of Kingdom Holding Co. also declined by 3.16 percent to SR8.28. 

In the parallel market, Alfakhera for Mens Tailoring Co. was the top performer, with its share price advancing by 16.40 percent to SR8.80. 

On the announcements front, Theeb Rent a Car Co. said it had signed a long-term vehicle leasing services contract valued at SR110.4 million with Hungerstation Co. 

Under the deal, Theeb will lease 2,000 vehicles to HungerStation for a period of four years starting from 2026, according to a Tadawul statement. 

The statement added that the vehicles will be delivered in batches within the first six months from the contract start date, taking into consideration global logistical circumstances and procedures beyond the control of both the agents and the company. 

The contract is expected to have a positive impact on the company’s financials from the first quarter of 2026. 

The share price of Theeb Rent a Car Co. declined by 0.79 percent to SR37.80.