Indian firms junk U.S dollar to buy Russian coal amid sanctions, says report


According to Reuters, Indian Companies are using Asian currencies instead of U.S dollar to buy coal imports from Russia. Wary of western sanctions on Moscow, Indian traders are avoiding U.S dollar and using Chinese Yuan, Emirati Dirham instead. The report states that India has ramped up purchases of Russian oil and coal since the war broke out in Ukraine, and that has allowed the country to secure raw materials at discount.