HomeMediaVideosIndian companies use yuan and dirhams to pay for coal supplies from Russia

Indian companies use yuan and dirhams to pay for coal supplies from Russia

10 August 2022

Marcel Salikhov gave a comment to the Duma TV channel on the use of national currencies in payments for coal supplies.

Indian companies buying coal in Russia began to refuse dollars when paying for raw materials. Thus, they are trying to reduce the risks of falling under the US sanctions. For settlements with suppliers mainly yuan and dirhams are used, Reuters reports with reference to data from customs documents.

In June, the Indian importers paid at least 742 thousand tons of Russian coal in alternative currencies to the dollar. Now the republic is increasing the import of raw materials, preferring Russian supplies to American ones because of discounts.

Indeed, in the new conditions, foreign trade in national currencies is becoming more active now. This idea has been discussed in Russia for a long time, but due to the introduction of sanctions against energy companies and Russian banks, trading in the currencies of unfriendly countries is becoming more risky, since these funds can be frozen," Marcel Salikhov, PhD in Economics explains.

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