New Delhi turns to Chinese yuan and Emirati dirham to pay for coal from sanction-hit country India’s imports of Russian coal increased dramatically in July with the South Asian nation switching to non-dollar payments to secure deals, Reuters reports. Moscow is trying to avoid dollar transactions amid US sanctions, describing the currency as ‘toxic.’ In July, Russia became India’s third-largest coal supplier with imports surging by more than a fifth to a record 2.06 million tons compared to the previous month. In June, Indian buyers paid for at least 742,000 tons of Russian coal using currencies other than the US d
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