Much of the focus on sanctions on Russia’s commodity exports is on crude oil and natural gas, but coal is perhaps the best example of the challenges facing those seeking to punish Moscow for its invasion of Ukraine. Russia is the world’s fourth-largest coal exporter behind Australia, Indonesia and South Africa, and has the ability to supply both the Atlantic and Pacific basins. Europe, the main buyer of Russian coal, has proposed a ban on imports but it has yet to be fully implemented, while Japan also plans to end purchases from Russia. South Korea has yet to formally sanction imports of Russian energy but is said to be planning for […]