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

Resources

11 Feb 2026

KBL Expands Kaniyur Facility in Centenary Year

Kirloskar Brothers (KBL), a leading player in fluid management solutions, has inaugurated a new factory building at its Kaniyur Manufacturing Facility in Tamil Nadu. The expansion coincides with a milestone year marking 100 years since the company manufactured and installed India’s first centrifugal pump in 1926. The newly commissioned facility is aimed at enhancing productivity and operational efficiency, enabling the company to address rising domestic as well as international demand while upholding stringent quality benchmarks. Sustainability remains a central focus of the expansion. Ar..

Raimondi to Debut TRT 55US at CONEXPO

"Raimondi Group will present the TRT 55US rough terrain crane at CONEXPO 2026, marking the first product debut under its newly established Raimondi North America operations hub.Developed by Terex Rough Terrain, now part of the Raimondi portfolio, the 55-tonne model has been engineered specifically to meet North American operational, regulatory and environmental requirements.Designed for North American ApplicationsThe TRT 55US features a compact transport-friendly design, an additional jib configuration and a redesigned operator environment aimed at improving efficiency and precision. It offers..

CPCL Ranks No.1 in NHAI DPR Ratings

"Chaitanya Projects Consultancy (CPCL) has secured the top position in National Highways Authority of India’s first-ever provisional DPR consultants rating, scoring 80.75 out of 100 and outperforming 55 peer firms.CPCL ranked ahead of Pentacle Consultants (78), L&T Infrastructure Engineering (76), MSV International Technology (74) and Transys Consulting (72). The ranking, released in the fourth week of January 2026, marks NHAI’s first transparent evaluation framework aimed at enhancing DPR quality under Bharatmala and other national highway programmes.The move aligns with the accountab..