MOSCOW, Jun 28 (PRIME) -- Russian companies tried to supply as much coal to Europe as possible before introduction of the E.U. embargo, and exports to Turkey, one of the largest consumers, plummeted by 52% on the year to 2.5 million tonnes in January–April in year-on-year terms, Kommersant business daily reported on Tuesday.
The E.U. banned Russian coal in April, and national cargo senders ramped up exports to Europe through the Black Sea ports in February, March, and April to deliver it before the embargo. Starting from May, coal shipments through the Black Sea were redirected to the Asian and Middle Eastern markets -- China, India, Turkey, and other countries, the business daily reported.
Nevertheless, the Russian exporters raised their revenue from coal sales to Turkey in the period to U.S. $440.4 million from $374.6 million they made last year as the coal prices almost tripled, the business daily said.
Turkey did not replace the Russian coal shortfalls with coal from other exporters as its hydropower plants raised power production thanks to high water content.
Turkey imported 14 million tonnes of the coal in 2021.
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