Coal boycott from Colombia: Electricity prices are expected to rise in Israel

Colombia, Israel's main coal supplier, has decided to join a trade boycott against the Jewish state. This decision of Colombia may cause an increase in the price of electricity to Israel. At the same time, Russia, the Republic of South Africa, which took Israel to the International Court of Justice, and Kazakhstan agreed to compensate for Colombian coal.

Colombia, Israel's main coal supplier, has announced it will join a trade boycott against the Jewish state. Colombian President Petro announced that an embargo will be imposed on coal supplies to Israel until the demands of the international court to stop hostilities against H AMAS are met.

According to Ynet, up to 26 percent of the total electricity produced in Israel comes from coal.

"The worrisome decision to seek more expensive alternatives, as well as the recent plan to increase the tax on carbon emissions, may lead to an increase in electricity prices in Israel," the report said.

It is noted that the government of Israel applied to four countries with a request to sell coal and received a positive response. One of them is the Republic of South Africa, which accused Israel of genocide in Gaza and brought it to the International Court of Justice. Australia, Russia and Kazakhstan have also approved the sale of coal. At the moment, Russia and Kazakhstan are buying coal to Israel, albeit in small quantities.

In Colombia itself, private business expressed concern over the president's decision, arguing that mixing politics with the economy undermines investor confidence and could have serious consequences.