+
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 Transport

97 Per Cent Of Rongjeng-Mangsang-Adokgre Road Nears Completion

Deputy Chief Minister in-charge of public works Prestone Tynsong said in Shillong on 26 August that 97 per cent physical progress had been achieved on the ongoing Rongjeng-Mangsang-Adokgre road being constructed under the Non-Lapsable Central Pool of Resources (NLCPR). He noted the project was sanctioned in 2017 and that the stipulated time for completion had been 24 months from issue of the final work order. The deputy chief minister informed the assembly that the government had decided to include the remaining work under a World Bank project. In reply to a query from Rongjeng MLA Jim M Sangm..

Next Story
Infrastructure Transport

First TBM Starts Digging Five Point Three Kilometre Tunnel Under SGNP

The Goregaon-Mulund Link Road (GMLR) Phase three (B) project has reached a key milestone as the first tunnel boring machine (TBM) began excavation of the first of two tunnels beneath the Sanjay Gandhi National Park (SGNP). The machine, named Tulsi, started cutting a five point three kilometre bore that will link Dadasaheb Phalke Chitranagari in Goregaon East with Amar Nagar in Mulund West. Officials issued a statement noting the commencement of tunnelling work under the protected green belt. The twin tunnels are being constructed using mechanised tunnelling methods that aim to limit surface di..

Next Story
Infrastructure Transport

UP Approves Two Expressways And Rs 240 bn Infrastructure Push

The Uttar Pradesh Cabinet approved a series of infrastructure and industrial investment proposals totalling Rs 240 billion (Rs 240 bn), including two major expressway projects, a manufacturing and logistics cluster in Sultanpur and incentives for 11 industrial projects across the state. The decisions, taken at a meeting chaired by Chief Minister Yogi Adityanath, underline the state government’s focus on expanding road connectivity around emerging industrial hubs while attracting manufacturing investment to districts beyond major urban centres. The approvals cover both greenfield expressway c..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code