Friday, December 9, 2022

Indian companies swapping dollar, Asian currencies is being used 

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Market Desk (Business): Indian companies are using Asian currencies more often to pay for Russian coal imports, according to customs documents and industry sources, avoiding US dollar and cutting the risk of breaching Western sanctions against Moscow.

India has aggressively stepped up purchases of Russian oil and coal since the war in Ukraine began, helping to cushion Moscow from the effects of sanctions and allowing New Delhi to secure raw materials at discounts compared to supplies from other countries.

Basically, they avoided the use of dollars to avoid the risk of breaking the sanctions imposed by US on Russia. Asian currency is being used instead.

India imported a total of around 1.7mn tones of coal in June. About 44% of them bought with other currencies instead of dollars.

Meanwhile, Reuters requested information from the Ministry of Finance and the Reserve Bank of India regarding the import of coal excluding the use of dollars. But they did not respond to their request.

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