Russia's invasion has driven up the price of the oil, gas and grain it exports, providing it with a substantial windfall to fund its "special military operation" - now entering a new phase as Moscow focuses on the eastern Donbas region after failing to break Ukraine's defence of the capital Kyiv.

Japan typically takes high-CV, low-ash coal from Russia

Novak is Russia's key negotiator in the OPEC+ group, which has resisted calls from consumers to increase production.

The new round includes an import ban on coal from Russia worth Eur4 billion/year ($4.38 billion/year) and a ban on Russian vessels and Russian-operated vessels from accessing EU ports, allowing for certain exemptions such as agricultural and food products, humanitarian aid as well as energy.

While the US has already banned imports of Russian oil, gas and coal, it could escalate energy pressure through secondary sanctions on other countries that continue to import the supplies.

The first 90 million barrels will be released between May and July, through two notices of sale totaling 70 million barrels, and 20 million barrels already scheduled to be released in May 2022.

The sanctions against Russia are the hardest we have seen against any country to date and in particular the decision to freeze $600bn of Russian foreign reserves is a first, which will have huge consequences in the long-term.

The dependence on Russian natural gas in Germany is so great that if supplies from Russia were to be stopped and the remaining quantities of natural gas distributed to Europe, Germany would have to reduce its natural gas consumption in the heating gas sector or in the industrial sector by 100 TWh per year .

Following a meeting with European Commission President Ursula von der Leyen in Brussels, President Joe Biden announced a new task force between the US and EU with a "joint game plan" to quickly reduce Europe's dependence on Russian gas

OPEC has told the EU that global energy markets would be destabilized if European countries follow through with a threat to ban imports of Russian oil,

Gas prices surged 10%, with ICE Brent futures rising to $1,359/1,000 cu m, up from $1,240/1,000 cu m following Putin's remarks

Speaking to the Bundestag parliament, Scholz said German will continue to look to reduce its dependency on Russian oil and gas but warned "hasty" action could trigger a recession.

"If oil is sold at a discount, then [consumers] will be happy to buy it. We will earn less, but we will be able to place oil," Novak said.

BGR meanwhile, has represented the Nord Stream 2 gas pipeline between Russia and Germany, and Uranium One, a mining company owned by the Russian state-owned nuclear corporation Rosatom.

The European Commission said in a statement on Tuesday that the sanctions included "a far-reaching ban on new investment across the Russian energy sector".