Mysteel: The United States (U.S.) government has sanctioned more Russian coal producers among nearly 400 entities and individuals accused of enabling Russia’s military action in Ukraine, aiming to further restrict Moscow’s revenue streams, according to a press release by the U.S. Department of State on 23 August.
The latest round of sanctions includes over 190 individuals and entities designated by the State Department and nearly 200 more by the Department of the Treasury. It targets some key players in Russia’s coal industry, including those involved in mining, processing, transportation, and equipment services, according to the announcement.
Specifically, the State Department has sanctioned 12 entities linked to Stroyservis Coal Network, 10 associated with Mechel Mining Coal Network, and 12 others involved in SDS Ugol Coal Mining Network. Meanwhile, the Treasury Department has designated five firms engaged in thermal and coking coal mining, processing, and sales.
As a result of these sanctions, all property and interests of the designated entities in the U.S. are frozen. In addition, U.S. persons or transactions within the country involving these sanctioned individuals or entities are prohibited, unless authorised by a license from the Office of Foreign Assets Control (OFAC) or exempt from the sanctions, the announcement said.
The move follows earlier sanctions imposed by the U.S. on Russia’s leading coal groups, Siberian Coal Energy Company and Mechel, in February, as Mysteel Global reported. Insiders point out the latest sanctions are expected to further complicate Russia’s efforts to maintain its coal exports, particularly to key markets like China.
Amid concerns over potential payment issues, in June several major Chinese buyers had reportedly halted purchases of Russian coal, potentially reducing Russia’s coal exports to China this month, they added. From January to July this year, Russian exports of all types of coal to China totalled 54.39 million tonnes (mnt), down 9.9% from a year earlier, China’s Customs data showed.
This has been written in accordance with an article exchange agreement between Mysteel Global and BigMint.
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