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30-06-2022, 11:31 AM
https://www.asiafinancial.com/india-ceme...go-in-yuan
UltraTech Cement is bringing in 157,000 tonnes of coal from Russian producer SUEK and paying for it with Chinese yuan
India’s biggest cement producer is to pay for a $26 million cargo of Russian coal with Chinese yuan.
In what could be a groundbreaking move, UltraTech Cement’s purchase could help insulate Moscow from the effects of western sanctions imposed on Russia over its invasion of Ukraine if others follow its lead.
It could also bolster Beijing’s push to further internationalise its currency and chip away at the dominance of the US dollar in global trade.
.....
Two trade sources familiar with the matter said the cargo’s sale was arranged by SUEK’s Dubai-based unit, adding that other companies have also placed orders for Russian coal using yuan payments.
UltraTech Cement is bringing in 157,000 tonnes of coal from Russian producer SUEK and paying for it with Chinese yuan
India’s biggest cement producer is to pay for a $26 million cargo of Russian coal with Chinese yuan.
In what could be a groundbreaking move, UltraTech Cement’s purchase could help insulate Moscow from the effects of western sanctions imposed on Russia over its invasion of Ukraine if others follow its lead.
It could also bolster Beijing’s push to further internationalise its currency and chip away at the dominance of the US dollar in global trade.
.....
Two trade sources familiar with the matter said the cargo’s sale was arranged by SUEK’s Dubai-based unit, adding that other companies have also placed orders for Russian coal using yuan payments.
