China's coal imports from Russia surged 14 per cent last month to 7.42 million tonnes amid the Ukraine war.

The European Union had banned Russian coal imports due to Russia's invasion of Ukraine in February. EU's coal ban on Russia was announced in April and came into force on August 10. Russia accounted for 70 per cent EU's thermal coal imports with Germany and Poland being the biggest buyers.

<a href="https://www.wionews.com/world/chinese-premier-calls-for-increased-coal-production-491490">Also Read:&nbsp;Chinese premier calls for increased coal production&nbsp;</a>

A report in a Brussels-based think tank Bruegel said Russian metallurgical coal accounts for 20 to 30 per cent of the EU’s coal imports.

Watch:&nbsp;China ramping up approvals for new coal power plants

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The Bruegel report asserted&nbsp;that "replacing Russian coal imports will require lightspeed deployment of new supply chains". However, the report added that "higher coal demand, lower coal supply and complex logistics" may lead to temporary disruptions. "Russian gas imports would be difficult and costly but feasible," it added.

The report said Europe may face "significant coordination" and "logistical problems" while stating that "Europe and the US should forge a trans-Atlantic energy pact".&nbsp;

The EU imported 45 per cent of its coal last year from Russia&nbsp;estimated to be worth $4.1 billion. EU member states the Netherlands, Austria and Germany have reportedly increased the&nbsp;use of coal-fired power plants even as the EU seeks to cut natural gas use by 15 per cent due to surging prices. &nbsp;&nbsp;&nbsp; &nbsp;

Data from the General Administration of Customs showed China's coal import from Russia was the highest since 2017. China bought&nbsp;6.49 million tonnes of coal from Russia in July last year. Reports claim Russia offered discounted rates to China as Putin's regime seeks new coal markets in the wake of EU sanctions.

(With inputs from Agencies)

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China's coal imports from Russia surged 14 per cent last month to 7.42 million tonnes amid the Ukraine war. The European Union had banned Russian coal imports due to Russia's invasion of Ukraine in February.

China's coal imports from Russia surged 14 per cent last month to 7.42 million tonnes amid the Ukraine war. The European Union had banned Russian coal imports due to Russia's invasion of Ukraine in February. EU's coal ban on Russia was announced in April and came into force on August 10. Russia accounted for 70 per cent EU's thermal coal imports with Germany and Poland being the biggest buyers. Also Read: Chinese premier calls for increased coal production A report in a Brussels-based think tank Bruegel said Russian metallurgical coal accounts for 20 to 30 per cent of the EU’s coal imports. Watch: China ramping up approvals for new coal power plants The Bruegel report asserted that "replacing Russian coal imports will require lightspeed deployment of new supply chains". However, the report added that "higher coal demand, lower coal supply and complex logistics" may lead to temporary disruptions. "Russian gas imports would be difficult and costly but feasible," it added. The report said Europe may face "significant coordination" and "logistical problems" while stating that "Europe and the US should forge a trans-Atlantic energy pact". The EU imported 45 per cent of its coal last year from Russia estimated to be worth $4.1 billion. EU member states the Netherlands, Austria and Germany have reportedly increased the use of coal-fired power plants even as the EU seeks to cut natural gas use by 15 per cent due to surging prices. Data from the General Administration of Customs showed China's coal import from Russia was the highest since 2017. China bought 6.49 million tonnes of coal from Russia in July last year. Reports claim Russia offered discounted rates to China as Putin's regime seeks new coal markets in the wake of EU sanctions. (With inputs from Agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

China's coal import from Russia surges to record high amid EU ban

An Indian cement manufacturer recently purchased Russian coal by paying with the yuan currency with the help of India’s biggest private bank, HDFC Bank, news agency Reuters reported.

The main aim of the report was not to pinpoint that the purchase breaches the sanctions imposed by the West on Russia in the wake of the Ukrainian invasion.&nbsp;Rather it seeks to highlight the various ways Russia can sell items abroad without heavily relying on the US dollar.

Citing an invoice dated June 5 and a source familiar with the matter, Reuters reported that HDFC Bank backed cement maker Ultratech's purchase of Russian coal from producer and trader SUEK for 172.7 million yuan ($25.74 million).

The HDFC Bank’s Mumbai branch of Andheri East issued the letter of credit for the deal, according to the invoice.

The dollar is the currency of choice for global trade in raw materials, but some traders say the yuan could be increasingly used to settle payments for supplies from Russia.

In the invoice, SUEK requests Ultratech remit the 172.7 million yuan to SUEK's account at the Shanghai branch of China Everbright Bank. SUEK lists the Hong Kong branch of international lender HSBC as the correspondent bank. &nbsp;A correspondent bank acts as a middleman in the transfer of money from one bank to another.

Reuters could not determine if a payment had been received by China Everbright or if HSBC or any other bank was involved in a transfer of funds. HDFC Bank and HSBC declined to comment. Ultratech, SUEK and China Everbright Bank did not respond to requests for comment.&nbsp;

It was not clear from the invoice which currencies were used to effect the yuan payment. The amount listed was quoted in Chinese yuan and Reuters reported last week that Ultratech imported 157,000 tonnes of coal from Switzerland-registered SUEK and agreed to settle the final payment in that currency.

Greater use of the yuan to settle payments could help insulate Moscow from punishment and bolster Beijing's push to further internationalise the yuan and chip away at the dominance of the U.S. dollar in global trade.

(With inputs from agencies)

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An Indian cement manufacturer recently purchased Russian coal by paying with the yuan currency with the help of India’s biggest private bank, HDFC Bank, news agency Reuters reported.

An Indian cement manufacturer recently purchased Russian coal by paying with the yuan currency with the help of India’s biggest private bank, HDFC Bank, news agency Reuters reported. The main aim of the report was not to pinpoint that the purchase breaches the sanctions imposed by the West on Russia in the wake of the Ukrainian invasion. Rather it seeks to highlight the various ways Russia can sell items abroad without heavily relying on the US dollar. Citing an invoice dated June 5 and a source familiar with the matter, Reuters reported that HDFC Bank backed cement maker Ultratech's purchase of Russian coal from producer and trader SUEK for 172.7 million yuan ($25.74 million). The HDFC Bank’s Mumbai branch of Andheri East issued the letter of credit for the deal, according to the invoice. The dollar is the currency of choice for global trade in raw materials, but some traders say the yuan could be increasingly used to settle payments for supplies from Russia. In the invoice, SUEK requests Ultratech remit the 172.7 million yuan to SUEK's account at the Shanghai branch of China Everbright Bank. SUEK lists the Hong Kong branch of international lender HSBC as the correspondent bank. A correspondent bank acts as a middleman in the transfer of money from one bank to another. Reuters could not determine if a payment had been received by China Everbright or if HSBC or any other bank was involved in a transfer of funds. HDFC Bank and HSBC declined to comment. Ultratech, SUEK and China Everbright Bank did not respond to requests for comment. It was not clear from the invoice which currencies were used to effect the yuan payment. The amount listed was quoted in Chinese yuan and Reuters reported last week that Ultratech imported 157,000 tonnes of coal from Switzerland-registered SUEK and agreed to settle the final payment in that currency. Greater use of the yuan to settle payments could help insulate Moscow from punishment and bolster Beijing's push to further internationalise the yuan and chip away at the dominance of the U.S. dollar in global trade. (With inputs from agencies) WATCH WION LIVE HERE

Indian cement maker used yuan to purchase Russian coal: Report

An Indian cement company imported Russian coal by paying for it in Yuan. Reports say more buyers could turn to the Chinese currency. Palki Sharma tells you why it may not be a good thing.

Gravitas: Indian cement maker buys Russian coal with Yuan

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China's coal import from Russia surges to record high amid EU ban

Indian cement maker used yuan to purchase Russian coal: Report

Gravitas: Indian cement maker buys Russian coal with Yuan