UltraTech using Chinese yuan to pay for Russian coal
PORTS & SHIPPING

UltraTech using Chinese yuan to pay for Russian coal

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


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

Related Stories

Gold Stories

Next Story
Infrastructure Energy

Asian Energy Services Q1 FY27 PAT Rises 129 Per Cent

Asian Energy Services Limited reported a 129 per cent year-on-year rise in net profit to Rs 128 million for Q1 FY27, compared with the corresponding quarter last year.Revenue increased 135 per cent year-on-year to Rs 2.71 billion, supported by continued momentum across its services business, disciplined execution and contributions from domestic and international operations. EBITDA grew 81 per cent year-on-year during the quarter.As of June 30, 2026, the company’s standalone order book stood at Rs 17.54 billion, with around 60 per cent coming from oil and gas services and 40 per cent from min..

Next Story
Infrastructure Urban

BioBTX to Build First Commercial-Scale Circular Chemicals Plant

Dutch circular chemistry technology developer BioBTX is building what it says will be the world’s first commercial-scale plant to convert mixed plastic waste into high-quality aromatic chemicals using its proprietary Integrated Catalytic Cracking Process (ICCP) technology.The facility will be built at Chemical Park Delfzijl on the northern coast of the Netherlands and is expected to create 35 jobs. Covestro, which has been a shareholder and strategic partner of BioBTX since 2024, holds a mid-single-digit million-euro investment in the company.BioBTX’s ICCP technology uses catalytic pyrolys..

Next Story
Real Estate

Awfis Q1 FY27 PAT Jumps 140% as Revenue Rises 27%

Awfis Space Solutions reported a 140 per cent year-on-year rise in consolidated profit after tax (PAT) to Rs 240 million for Q1 FY27, compared with Rs 100 million in the corresponding quarter last year.Revenue from operations increased 27 per cent to Rs 4.25 billion from Rs 3.35 billion, while EBITDA rose 28 per cent to Rs 1.62 billion. EBITDA margin improved to 38.2 per cent from 37.8 per cent. Profit before tax increased 135 per cent to Rs 240 million.The company's co-working business recorded 27 per cent year-on-year growth, supported by demand from enterprises, Global Capability Centres (G..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement