India is planning to significantly increase imports of Russian coking coal, a crucial ingredient to support the huge steel industry. India is moving in the direction of importing coking coal from Russia, highlighting that India plans to double imports of the commodity.
Western nations have introduced a broad package of anti-Russian sanctions over Moscow’s military intervention in Ukraine. The punitive measures either completely ban or severely restrict dealing with Russian key export sales, including oil and steel.
Meanwhile, ships loaded with at least 1.06 million tons of coking and thermal coal, which is used primarily for electricity generation, are set to moor along Indian shores this month.
The international consultancy highlighted that the freight was the biggest since January 2020. Trade between the nations is also projected to increase thanks to a ruble-rupee trading arrangement.
Russia, ranked as India’s sixth-largest supplier of coking and thermal coal, is expected to offer more competitive prices to Chinese and Indian partners as European and other buyers are forced to turn away from Mowcow due to the sanctions.
RT. com / ABC Flash Point News 2022.