Tata Steel will stop importing Russian coal

According to a report by the Financial Times, Tata Steel, India's top steelmaker informed that it would put a stop to importing Russian coal due to "uncertainties" created by Western sanctions. According to data from CoalMint, Tata Group’s Tata Steel was India's biggest importer of Russian coal in the first quarter. It imported around 617,000 tonnes of coal. However, these orders were placed by Tata Steel before the onset of the Russia-Ukraine Conflict.  A Tata Steel spokesperson told the FT that, "To ensure business continuity, we have sourced alternative supplies of raw materials as transactions with Russian suppliers and bankers at present come with a lot of uncertainties as a result of international sanctions imposed on Russia."

Tata Steel’s decision to stop purchasing Russian coal comes despite India's willingness to buy Russian Crude Oil. Russia has earlier offered India Crude Oil at huge discount prices.  However several analysts have emphasized that sanctions on Kremlin have made making payments for its commodities complicated. Russia has asked that buyers of their products should pay in rubles to sidestep the dollar and other currencies.