Colombia intends on forcing energy sanctions on Israel
Date
6/13/2024 5:42:54 AM
(MENAFN) Colombia's Ministry of Trade is preparing to impose restrictions on coal exports to Israel as a punitive measure in response to Israel's military operations in Gaza, according to a report by Bloomberg. The South American nation, which currently serves as Israel's largest supplier of coal, intends to curb these exports in a move that could significantly impact Israel's energy supply.
In 2023, Colombian coal shipments to Israel amounted to approximately USD450 million, representing more than 60 percent of Israel's total coal imports, with major contributions from global companies Glencore and Drummond, as reported by energy analytics firm Kpler. The Colombian trade ministry has recommended to a committee overseeing tariffs and foreign trade to "limit" these coal exports, citing an internal document and a source familiar with the matter.
The proposed sanctions aim to exert pressure on Israel to cease its military activities in Gaza and are proposed to remain in effect until hostilities cease, according to the ministry document cited by Bloomberg. A decision on the restrictions is anticipated to be made imminently.
While coal exports to Israel constitute only 1 percent of Colombia's overall export value, they are crucial for Israel's energy infrastructure, accounting for 22 percent of its electricity production. The relationship between Colombia and Israel, once characterized by close ties, has significantly deteriorated in light of recent events in Gaza, marking a stark shift in diplomatic relations between the two nations.
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