The European Union (EU) has launched a new voluntary platform for member countries to jointly buy non-Russian gas, LNG and hydrogen, in order to benefit from stable prices and to provide a buffer against potential gas supply disruptions. The regional bloc, which has committed to quit Russian fuels by 2027, will present a detailed plan in May 2022. EU countries are considering a new law requiring gas storage operators to fill storages to at least 80% of capacity by 1 November 2022 and by at least 90% by 1 November each year starting in 2023 (EU storages are currently 26% full).
In addition, the Council of the European Union has adopted a new package of sanctions against Russia, including a ban on purchase, import or transfer of coal and other solid fossil fuels produced in Russia or exported from Russia into the EU, as from August 2022. The EU currently imports around €8bn/year of Russian coal. Sanctions also include additional export bans (including jet fuels) worth €10bn and new import bans (including on wood and cement) worth €5.5bn.
Meanwhile, Japan has approved a ban on coal imports from Russia, joining the United States and the EU in sanctions against Russia. In 2021, Russia accounted for 11% of Japan's total coal import and was its 5th largest crude and LNG supplier.