Citing a source familiar with the matter, Reuters noted a ban on Russian coal that the European Union is set to approve on Thursday would take full effect from mid-August.

Initially, the ban was proposed to take effect from mid-July.  

The source said this comes after pressure from Germany to delay the proposed measure. Germany is the EU's main importer of Russian coal.

If the bank gets approved on Thursday, it will be the EU's first ban on any import of energy from Russia since the start of Russia’s invasion of Ukraine.

The EU Commission has estimated the coal ban could cost Russia 4 billion euros ($4.36 billion) a year in lost revenue.

Market reaction

EUR/USD is back under the 1.0900 barrier, as the US dollar resumes its post-Fed minutes led upsurge towards the 100.00 level,

The spot is currently trading at 1.0882, down 0.08% on the day.