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UltraTech Cement paying for Russian coal in Chinese yuan: Report

UltraTech importing from Russian producer SUEK, valued at 172.7 mn yuan; SUEK's Dubai unit facilitated trade from Russia's Vanino port; traders say other companies set to pay in yuan for Russian coal

Ultratech Cement
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Workers walk in front of an UltraTech concrete mixture truck at the construction site of a commercial complex on the outskirts of the western Indian city of Ahmedabad | Photo: Reuters

Reuters New Delhi
India's biggest cement producer, UltraTech Cement, is importing a cargo of Russian coal and paying using Chinese yuan, according to an Indian customs document reviewed by Reuters, a rare payment method that traders say could become more common.
 
UltraTech is bringing in 157,000 tonnes of coal from Russian producer SUEK that loaded on the bulk carrier MV Mangas from the Russian Far East port of Vanino, the document showed. It cites an invoice dated June 5 that values the cargo at 172,652,900 yuan ($25.81 million).
 
Two trade sources familiar with the matter said the cargo's sale was arranged by SUEK's

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Jun 29 2022 | 3:50 PM IST

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