Coal traders are turning to private finance to keep shipments moving after a European ban on Russian imports sent prices up fivefold. Russia made up almost half of the European Union’s hard-coal imports in 2020, but purchases all but ceased in August as the bloc imposed sanctions over the war in Ukraine. That’s upended trade flows as European buyers scan the globe for alternative supplies to plug an energy shortfall, causing prices to spike. The rally has been a problem for traders, which were already under pressure as banks pulled back from financing thermal-coal transactions in recent years. With each cargo now ... (full story)