India increased the share of Asian currency when paying for Russian coal
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India has reduced the share of the US dollar in transactions for the purchase of Russian energy to avoid US sanctions due to trade with Russia, informs Reuters, citing customs data. It is specified that in June, Indian energy companies paid in currencies other than the dollar, about 742,000 tons of coal from Russia.
According to the publication, the yuan accounted for 31% of non-dollar payments in June, the Hong Kong dollar – 28%, the euro – less than 25%, and the UAE dirham – about 16%. It is assumed that in the future the abandonment of the dollar will increase in order to level the risk of sanctions.
Since the beginning of the special military operation on the territory of Ukraine, India has begun to increase purchases of Russian energy resources. According to Reuters, in July Russia became the third largest supplier of coal to India, its imports increased by 20% compared to last month and reached 2.06 million tons.
This is due to the fact that in the face of Western sanctions and reduced energy supplies to the EU and the UK, Russia put up oil and coal for sale at a discount – at prices lower than those offered by other exporting countries. In particular, in May, Russia overtook Saudi Arabia in terms of oil supplies to India.
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