UltraTech using Chinese yuan to pay for Russian coal

05 Jul 2022 CW Team

UltraTech Cement, India's biggest cement producer, is using Chinese yuan to pay for a cargo of Russian coal, according to a Reuters report. The news agency says it has reviewed a document that shows UltraTech is bringing in 157,000 tonnes of coal from Russian producer SUEK, and an invoice values the cargo at $25.81 million.

Both UltraTech and SUEK have refused to comment on the report, which says other companies have also placed orders for Russian coal using yuan payments.

The increasing use of the yuan to settle payments could help insulate Russia from the effects of Western sanctions over its invasion of Ukraine and bolster Beijing's push to further internationalise its currency.

India has maintained trade ties with Russia for commodities such as oil and coal despite the sanctions. It has longstanding political and security ties with Russia and has refrained from condemning the attack in Ukraine.

It was not clear which bank opened a letter of credit for UltraTech and how the transaction with SUEK was executed. The ship that brought the coal is currently at anchor near of Kandla, according to ship-tracking data on Refinitiv Eikon.

Also Read
India's domestic raw coking coal output to reach 140 mt by 2030
Cement demand declines with rising input costs in India

Infrastructure Transport

07 Oct 2025

Atlantaa Inks Rs 24.9 Billion Deal For Maharashtra Expressway

Atlantaa Limited (formerly Altanta Limited) announced on 30 September that it has entered into an agreement with IRCON International Limited for the construction of the Bhandara–Gadchiroli Access Controlled Expressway in Maharashtra.The project, awarded under the Engineering, Procurement and Construction (EPC) mode, involves Package BG-03, covering the stretch from km 34+750 at Sarandi Bk in Lakhandur, Bhandara district, to km 69+536 at Kinhi in Bramhapuri, Chandrapur district, spanning a total length of 34.786 kilometres.The sub-contract is valued at approximately Rs 24.9 billion, excluding..

Cabinet Clears Rs 69.6 Billion NH Project Through Kaziranga

The Union Cabinet has approved the four-laning of the Kaliabor–Numaligarh section of National Highway 715 in Assam, a key infrastructure project designed to prevent man-animal conflicts and enhance road safety through the Kaziranga National Park.Announcing the decision, Railways Minister Ashwini Vaishnaw said the project spans 86 kilometres and involves a 34-kilometre elevated viaduct to ensure safe passage for wildlife. “The fifth major decision of the Cabinet today is the four-laning of the Kaliabor–Numaligarh section of NH-715 (86 km, Rs 69.6 billion). It includes a 34 km elevated via..

Rajkot Emerges As Model Smart And Sustainable City

Rajkot is rapidly evolving into a smart, safe, and sustainable city under the vision of Prime Minister Narendra Modi and the proactive efforts of the Gujarat government. Combining modern infrastructure, technology-driven systems, and citizen-focused projects, the city is enhancing both the quality of life and urban resilience for its residents.At the heart of Rajkot’s transformation is the Integrated Command and Control Centre (ICCC), which monitors live CCTV feeds from across the city 24 hours a day. The advanced surveillance system, equipped with 1,000 cameras installed at key locations in..