Indian steel company Tata Steel, which is the country’s largest importer of coal from the Russian Federation, has decided to refuse Russian supplies. This was reported by the British newspaper Financial Times. “To ensure business continuity, we have found alternative sources of raw materials. Since transactions with Russian suppliers and bankers are currently associated with a large number of uncertainties due to international sanctions imposed on Russia,” a representative of the Indian company quotes the Financial Times. The publication notes that India uses coal to generate 70% of its electricity, and power generators’ coal reserves have shrunk to nearly half of the average level for this time of year. Russian exports to India fell in March to 420,000 tonnes. According to forecasts, it could drop to 124,000 tonnes in April. In February, the figure was at the level of 1.1 million tonnes, according to the Financial Times. Many countries began to abandon Russian resources and imposed sanctions due to the special operation of the Russian Federation in Ukraine. Russian authorities said the restrictions hurt not only Moscow, but also Western countries. Inflation is rising there, cooperation links, settlement systems and logistics are disrupted. Previously, Switzerland refused Russian coal, Poland imposed an embargo on Russian coal. Germany plans to stop importing coal from Russia this summer, writes the MK.RU website.

Kevin Harvey