India sharply reduced purchases of Russian coal

October 15, 2024

By Ukraine

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India, the world’s second-largest buyer of Russian coal, significantly cut its solid fuel imports from Russia.

Coal exports play a crucial role in Russia’s economy, serving as a significant source of revenue and employment. As one of the world’s largest coal exporters, Russia relies heavily on this industry to support its energy sector and maintain its global market position. After Russian invaded Ukraine, the EU, the US, and the UK imposed sanctions on Russian coal as part of broader economic measures against Russia.

Moscow Time reports, citing Vedomosti based on data from Indian analytical agency Bigmint, India purchased 6.1 million tons of thermal coal from January to September 2024, which is 26% less than in the same period last year.

At the same time, reports said, India increased its total coal imports by 12% year-on-year to 137.8 million tons.

The country’s main fuel suppliers were Indonesia, South Africa, and the United States, with Russia ranking fourth among importers, ahead of Australia, Mozambique, and Colombia.

The share of Russian coal in India’s thermal coal imports has decreased to 3% in physical terms. According to the report, it was about 7% in January-September 2023.

After the EU embargo on coal supplies came into effect in August 2022, Russian coal miners actively sought new export destinations.

Russian coal exports to India may decrease to 18-20 million tons, or 23-31% year over year, by the end of 2024.

Despite export problems, Russian coal companies are reducing production. The report said that “in July, according to Rosstat, it fell by 6.7% year-on-year, and its total volume—31.5 million tons—became the lowest since the coronavirus pandemic of 2020.”

Despite reducing purchases of Russian coal, Bloomberg reported earlier in October that India has become Russia’s second-largest supplier of restricted critical technologies.

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