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UltraTech Cement Buys Russian Coal, Pays in Chinese Yuan

UltraTech Cement, a prominent Indian cement manufacturer and part of the Aditya Birla Group, has purchased Coal from Russia’s Siberian Coal Energy Company (SUEK), and has used Chinese Yuan for this transaction.

UltraTech has purchased 1,57,000 tonnes of Coal from SUEK. The value of this order has been cited as 172,652,900 Yuan (about $25.81 million). This Coal is being brought by the bulk carrier, MV Mangas from the Russian port of Vanino.

Since the Russia-Ukraine conflict, western countries, especially the US, have slapped several sanctions on Russia. By conducting international trade in Chinese Yuan, the reliance on US Dollar for trade with Russia can be circumvented. In the light of the ongoing war and global inflation, India’s imports from Russia have risen to $2.33 billion in April 2022 compared to $659 million during the same month in 2021.