"The Cradel" Indian companies are switching from the US dollar to Asian currencies to pay for Russian coal imports, according to documents reviewed by Reuters.
Steelmakers and cement manufacturers in India have been using the UAE dirham, Hong Kong dollar, Chinese yuan, and euro to pay for Russian coal in recent weeks.
Last month, Russia became India’s third-largest coal supplier after the South Asian giant dumped the greenback to secure deals, with imports surging to a record 2.06 million tons.
In June, Indian buyers paid for at least 742,000 tons of Russian coal using currencies other than the US dollar, equaling 44 percent of the 1.7 million tons of Russian imports that month.
Poster Comment:
BRICS nations are refusing to buy and sell in dollars as much as possible.