INSUBCONTINENT EXCLUSIVE:
A joint Russian-Chinese coal project in Siberia is facing difficulties with financing due to Western secondary sanctions on cross-border
payments to Russia, the CEO of Russian metals and renewables giant En+ said Thursday.The United States expanded its secondary sanctions
against Russia in June, giving the Treasury Department the authority to penalize foreign banks that engage in business with Russia.The
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?Never miss the latest news from Russia. PreviewHe added that while the sanctions have caused delays, he considers the situation
Zashulanskoye deposit in 2013
to the Kommersant business daily, a decline in thermal coal prices dampened Chinese companies' interest in such ventures
As a result, the development of the Zashulansky deposit was put on hold until the owners resumed the approval of project documentation in
2021.In 2023, the partners agreed to produce 5 million tons of thermal coal annually by the end of 2027
En+ and China Energy also signed several agreements to jointly develop low-carbon energy projects.In April 2024, En+ announced plans to
These funds will be used for constructing a coal mine, infrastructure, a public railway station, and a highway, as well as for purchasing
