Indian state-run Steel Authority of India Limited (SAIL) has booked 80,000 mt of washed coking coal from Russia, sources in the Indian government said.
According to the sources, the shipments are expected to arrive at an Indian port within the next few weeks.
Settlement of payment is yet to be decided and will be finalized only after arrival of the consignment and various options including payments in rupees or in US dollar alternatives like the Chinese or UAE currencies are options on the table, the sources said.
Since Russia is under Western sanctions following its invasion of Ukraine, SAIL has had to seek special approval for imports from the country and the trade settlement mechanism too will have to be approved by the Indian government.