NEW DELHI
\nIndia\u2019s purchases of Russian coal have spiked in recent weeks despite global sanctions on Moscow, as traders offer discounts of up to 30%, according to two trade sources and data reviewed by Reuters.
\nRussia, facing severe Western sanctions over its invasion of Ukraine, warned the European Union in April against sweeping sanctions on coal, saying they would backfire as the fuel would be redirected to other markets.
\nIndia has refrained from condemning Russia, with which it has longstanding political and security ties while calling for an end to violence in Ukraine. New Delhi defends its purchases of Russian goods as part of an effort to diversify supplies and argues a sudden halt would jack up world prices and hurt its consumers.
\nUS officials have told India there is no ban on energy imports from Russia but they do not want to see a \u201crapid acceleration\u201d.
\nYet as European importers shun trade with Moscow, Indian buyers are lapping up huge quantities of Russian coal despite high freight costs.
\nIts purchases of coal and related products jumped more than six-fold in the 20 days through Wednesday from the same period a year earlier to $331.17 million, according to unpublished Indian government data reviewed by Reuters.
\nIndian refiners similarly have snapped up cheap Russian oil shunned by Western countries. The value of India\u2019s oil trade with Russia in the 20 days through Wednesday jumped more than 31-fold to $2.22 billion, the data showed.<\/p>\n","protected":false},"excerpt":{"rendered":"
NEW DELHI India\u2019s purchases of Russian coal have spiked in recent weeks despite global sanctions on Moscow, as traders offer discounts of up to 30%, according to two trade sources and data reviewed by Reuters. Russia, facing severe Western sanctions over its invasion of Ukraine, warned the European Union in April against sweeping sanctions on […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-267033","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"\n