Russian coal producers made a profit despite having to export at a 50 to 60% discount, Russian Deputy Prime Minister Andrey Belousov said on Thursday.
Speaking at an international export forum in Moscow, Made in Russia 2022, Belousov said Russia is reaping benefits from exports of its energy resources despite discounted prices due to the energy crises.
'We made 50 to 60% discount in coal exports. Our companies are forced to sell coal for about half the market price, but they still make a profit,' he said.
Similarly, fertilizer exporters have had to sell at reduced prices, as have oil exporters, who have reduced prices by 20 to 30%.
The EU adopted the fifth package of sanctions in April, prohibiting the purchase, import, or delivery of coal from Russia. The sanctions package came into effect in August after the transition period ended.
The bloc, however, updated its directive on the imposition of economic sanctions against Russia on Sep. 21, permitting European companies to transport coal from Russia to other countries while allowing services such as financing and insurance.
Reporting by Emre Gurkan Abay in Moscow
Writing by Sibel Morrow
Anadolu Agency
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