According to a Reuters report, UltraTech Cement, India's largest cement producer, is using Chinese yuan to pay for a shipment of Russian coal. The news agency says it reviewed a document showing that UltraTech is bringing in 157,000 tons of coal from Russian producer SUEK, and an invoice values ​​the cargo at $25.81 million.

Both UltraTech and SUEK have declined to comment on the report, saying that other companies have also placed orders for Russian coal using yuan payments.

The increasing use of the yuan to settle payments could protect Russia from the effects of Western sanctions on the invasion of Ukraine and increase pressure from Beijing to further internationalize its currency.