10 Aug, 2022India’s imports of Russian coal increased dramatically in July with the South Asian nation switching to non-dollar payments to secure deals, Reuters reports. Moscow is trying to avoid dollar transactions amid US sanctions, describing the currency as ‘toxic.’
In July, Russia became India’s third-largest coal supplier with imports surging by more than a fifth to a record 2.06 million tons compared to the previous month.
In June, Indian buyers paid for at least 742,000 tons of Russian coal using currencies other than the US dollar, which is equal to 44% of the 1.7 million tons of Russian imports that month, the agency cites a summary of deals compiled by a trade source based in India using customs documents.
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