The firm explains that the industry is not expected to collapse, but sales will gradually decline over several years because emerging markets will need coal for some time to come, until develop alternative energy sources is used.

Yakov and Partners also pointed out that purchases made by traditional importers will decline by mid-century, and the drop, depending on the scenarios, could range between three and 67 percent.

In the opinion of the consulting company, the negative impact will be due to the fact that China and India, two of the main buyers, will seek to supply their economies with their own fuel, making Russia shift significantly its priority markets.

India is expected to remain a key consumer of Russian coal until 2030, but its share will decrease by 2050, while the market of Southeast Asian countries will increase from the current 20-25 percent to more than 60 percent, as considered by Yakov and Partners.

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