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India's Russian coal buying spikes as traders offer discounts: Report

Government data shows buying May 27-June 15 was up 6-fold; US says it does not want to see a 'rapid acceleration'.

Photo: Bloomberg
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Photo: Bloomberg

Reuters
India's purchases of Russian coal have spiked in recent weeks despite global sanctions on Moscow, as traders offer discounts of up to 30%, according to two trade sources and data reviewed by Reuters.

Russia, facing severe Western sanctions over its invasion of Ukraine, warned the European Union in April against sweeping sanctions on coal, saying they would backfire as the fuel would be redirected to other markets.

India has refrained from condemning Russia, with which it has longstanding political and security ties, while calling for an end to violence in Ukraine. New Delhi defends its purchases of Russian goods as

(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 18 2022 | 5:36 PM IST

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