Russia became India’s third-largest coal supplier in July, with imports rising by over a fifth compared with June to a record 2.06 million tonnes, data from Indian consultancy Coalmint showed.
Russia has historically been the sixth-largest supplier of coal to India, behind Indonesia, South Africa, Australia, and the United States, with Mozambique and Colombia alternatingly featuring in the top five.
India expects its central bank’s recent approval to allow payments for commodities in the Indian rupee to provide a major fillip to bilateral trade with Russia.
India’s imports from Russia have jumped nearly five times to over $15 billion ever since Russia invaded Ukraine.
India, the world’s second-largest producer, importer and consumer of coal, has historically imported more coking coal — used mainly in steelmaking — from Russia, with Australia being the other key supplier.