News and Opinion: June 29, 2022. India Cement Company Purchasing Russian Coal Paying in Yuan

The Indian cement company Ultratech Cement is paying for Russian coal in yuan. The Russian coal company is SUEK and it uses the port of Vanino in eastern Russia.

This transaction is circumventing the use of the US dollar. Although it is common practice for China to trade with Russia in yuan, it is the first time an Indian company is doing it.

We expect these types of transactions to increase with time as the "sanctions" remain in place. We also expect that other currencies will be used.

For further information, read the following article

This post is intended to only raise awareness. In order to make actual financial decisions please contact your financial advisor and/or tax advisor prior to making the decision.