India has switched to non-dollar payments in its deals for Russian coal. A Reuters examination of India’s customs documents indicates a dramatic increase of coal purchases from Russia in July, with Russia now becoming India’s 3rd-largest coal supplier. However, already in June, when only 1.7 million tons was purchased from Russia, 44% of it was already paid for in non-dollar currencies. (The Chinese yuan and the Hong Kong dollar were the means of over half of the non-dollar purchases.) Reuters cited two traders, saying that the share of non-dollar transactions for Russian coal will continue to increase, as banks and other parties make plans to avoid the damaging role of the Western addiction to sanctions.
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