Indian steel company Tata Steel has found alternatives to Russian coal, as doing business with Moscow now comes with "uncertainties" due to Western sanctions, a company spokesperson was quoted as saying by the Financial Times on Monday
MOSCOW (Pakistan Point News / Sputnik - 02nd May, 2022) Indian steel company Tata Steel has found alternatives to Russian coal, as doing business with Moscow now comes with "uncertainties" due to Western sanctions, a company spokesperson was quoted as saying by the Financial Times on Monday.
"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," the spokesperson was quoted as saying.
The newspaper cited Indian-based analytic company CoalMint suggesting that Tata Steel has imported 863,000 tonnes of coal from Russia since the beginning of 2022.
Some countries have already decided to legally ban imports of coal from Russia at the national level due to its special military operation in Ukraine.
On April 8, the European Unions announced its fifth package of anti-Russian sanctions which included a ban on imports of coal and other solid fossil from the country starting from August. The United States and Japan have also committed to giving up on Russian fossil fuels, with Washington having repeatedly urged New Delhi to follow suit.
Tata Steel Group is one of the world's leading steel companies with an annual output of 34 million tonnes. It is one of the most geographically diversified steel producers, with operations and commercial presence throughout the world.
