As Russia invades the Ukraine, there is growing talk about sanctions to be imposed by Western Europe and the USA on Russia. Such sanctions, however, are likely to exclude energy exports from Russia, and that’s simply due to the huge volumes involved and the level of Europe’s dependence on Russian energy. Let’s look at the numbers for Russia:

In 2021, Russian seaborne coal exports reached 177.2 MMT, of which 22% (38.8 MMT) was shipped to the European Union. Russia is the third largest seaborne exporter of coal in the world, accounting for 15% of global supply.

In 2021, Russian seaborne crude oil exports reached 212.0 MMT, of which 54% (114.2 MMT) was shipped to the European Union. Russia is the second largest seaborne exporter of crude oil in the world, accounting for 11% of global supply.

In 2021, Russian seaborne LNG exports reached 30.3 MMT, of which 40% (12.1 MMT) was shipped to the European Union. Russia is the fourth largest seaborne exporter of LNG in the world, accounting for 8% of global supply.

However, for Europe:

In 2021, 43% of the European Union’s total seaborne coal imports; 28% of crude oil imports; and 20% of LNG imports, were sourced from Russia. And this does not include pipeline shipments.  If we consider both pipeline and seaborne, Russia accounts for about 50% of the European Union’s total gas imports. Therefore, any sanctions on Russian energy exports would be a huge headache for BOTH sides.