*Indian companies are using Asian currencies more often to pay for Russiancoal imports, according to customs documents and industry sources, avoidingthe US dollar and cutting the risk of breaching Western sanctions againstMoscow.*
Reuters previously reported on a large Indian coal deal involving theChinese yuan, but the customs data underline how non-dollar settlements arebecoming commonplace.
India has aggressively stepped up purchases of Russian oil and coal sincethe war in Ukraine began, helping to cushion Moscow from the effects ofsanctions and allowing New Delhi to secure raw materials at discountscompared to supplies from other countries.
Read Top Stories
Russia became India’s third-largest coal supplier in July, with importsrising by over a fifth compared with June to a record 2.06 million tonnes.
