July 10, 2022
India Pays for Russian Coal with Yuan
Timothy Birdnow
This is bad, very bad. Once the dollar ceases to be the international currency our economy will crumble. This is the beginning of the end for us, I fear.
https://www.wionews.com/world/indian-cement-maker-used-yuan-to-purchase-russian-coal-report-495528?fbclid=IwAR3sA41N32OzqajKLzvV9UMWDyNw-FX0dtWQ8Ju7QmxaMDQwEW3OgbZ6dbc
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.
This is bad, very bad. Once the dollar ceases to be the international currency our economy will crumble. This is the beginning of the end for us, I fear.
https://www.wionews.com/world/indian-cement-maker-used-yuan-to-purchase-russian-coal-report-495528?fbclid=IwAR3sA41N32OzqajKLzvV9UMWDyNw-FX0dtWQ8Ju7QmxaMDQwEW3OgbZ6dbc
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.
Posted by: Timothy Birdnow at
09:27 AM
| Comments (4)
| Add Comment
Post contains 203 words, total size 2 kb.
1
Yes, it's very bad! But it's just another result of rampant inflation. One might be excused for thinking that Biden is causing all this deliberately.
Posted by: Dana Mathewson at July 10, 2022 04:11 PM (z7Oco)
2
I agree Dana. That and the boycott. Of course, once the genii is out of the bottle it won't be going back in.
I think this is exactly what this current lawless junta in Washington want.
I think this is exactly what this current lawless junta in Washington want.
Posted by: Timothy Birdnow at July 11, 2022 09:28 AM (U9fSZ)
3
Kanpur Matka! Day chart Matka ! Kanpur Satta Chart ! kanpur Matka Result ! Kanpur Satta Result ! Dubai Matka Result ! Dubai Satta Matka ! Dubai Satta matka ! Dubai Matka Chart ! Kanpur Panel Chart ! Kanpur Bazar satta Matka ! Birbal matka ! Birbal satta Matka ! Taj Morning matka ! Bombay Morning Matka ! Kalyan Matka ! Kalyan Matka Result ! Kanpur satta Matka ! Kanpur Satta Result ! Gulam day Matka ! Gokul day Satta Matka ! Satta Matka ! ! Kanpur matka Result Today Fixx Result !
CHARTMINAR SATTA KING
Dubai Ratan Matka
Dubai Ratan Matka
Posted by: Kanpur Matka at September 21, 2022 04:40 AM (zm4ix)
4
This is bad, very bad. Once the dollar ceases to be the international currency our economy will crumble. This is the beginning of the end for us, I fear.
Posted by: Fake Watches at June 27, 2023 06:20 AM (RJHzi)
24kb generated in CPU 0.0129, elapsed 0.3603 seconds.
37 queries taking 0.3508 seconds, 176 records returned.
Powered by Minx 1.1.6c-pink.
37 queries taking 0.3508 seconds, 176 records returned.
Powered by Minx 1.1.6c-pink.
