Russian energy is Europe's Achilles heel

The European Union tightened the screws on Russia’s economy Friday.

The latest set of sanctions includes an import ban on Russian coal, seafood, wood, liquor, and rubber, as well as export restrictions to Russia of quantum computers, semiconductors, high-end electronics, and transportation equipment. In total, the fifth round of sanctions removes an additional $25 billion from the EU-Russia bilateral trade relationship. Largely due to resistance from Germany, the EU coal ban will begin in mid-August, giving the bloc roughly four months to wind down existing contracts.