Media: India uses yuan and Arab currency for settlements with Russia for coal

The media, citing Indian customs, reported that buyers of Russian coal in India are refusing dollars when paying for deliveries because of the risk of facing accusations of non-compliance with Western sanctions.

Earlier media reported that Russia shipped to India in the first quarter of this year more than 40% of the total volume of deliveries delivered last year as a whole.

For its part, the Russian newspaper Kommersant pointed out that almost a third (31%) of payments for deliveries were made in non-dollars, since they were made in Chinese yuan, and about 28% of payments were made in foreign currency. Hong Kong dollar”, as well as payments in UAE dirhams.

And Indian customs sources expected the trend to pick up due to fears that Indian financial institutions would fall under anti-Russian sanctions.

And in March last year, the media indicated that the central banks of Russia and India are working to create a regulatory framework and a mechanism for mutual settlements in national currencies in the light of Western sanctions.

Source: RIA Novosti

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