Weeks after snapping up discounted Russian crude, India is setting for a major increase in its purchases of coal from the sanctioned country. The world’s sixth biggest economy is focused on its energy security, disregarding attempts by the US and its allies to isolate Moscow.
In March, India’s coal imports from Russia reportedly surged to a two-year high. The Asian country purchased 1.04 million tons of Russian coal, the highest amount since January 2020, according to Matthew Boyle, lead dry bulk analyst at commodity intelligence firm Kpler, as cited by CNBC.
Last week, US President Joe Biden signed an executive order banning the import of Russian coal along with crude oil, gasoline, petroleum products, oils and liquefied gas as part of a new batch of penalties against Moscow over its military operation in Ukraine. Later, the European Commission proposed banning Russian energy imports, including coal. However, the bloc’s policy-makers have failed to agree on a new package of sanctions.