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After crude oil, India has also started buying large quantities of coal from Russia. Despite the economic sanctions imposed on Russia after the invasion of Ukraine, the purchase of Russian coal in India has increased. Russian traders are offering up to 50 per cent compensation on coal.
Russia warned in April against widespread EU coal sanctions, saying its decisions would be overturned because Russia’s fuel would be diverted to other markets.
Indian traders are taking advantage of the closure of EU trade with Russia. Large quantities of coal are being procured from Russia despite the high cost of transportation.
According to a report, in the last 30 days till last Wednesday, coal worth 2.113 billion has been purchased. Which is six times more than the same period last year. Similarly, Indian refineries have also purchased large quantities of crude oil from Russia. In the last 30 days as of last Wednesday, Russia has bought oil worth ૨૨ 3.5 million, which is 31 times more than the same period last year.
Russia, on the other hand, is also accepting payments in Indian Rupee and UAE currency Dirham.