Chinese buyers of coal are having trouble securing financing to buy coal from Russia, the world’s third-largest coal exporter, as China’s banks are wary of sanctions themselves after selected Russian banks were expelled from the SWIFT banking system. “Most banks have stopped issuing letters of credit after the SWIFT sanctions.
As almost all contracts are dollar-denominated, we have no other way to make the payment,” a trader dealing in Russian coal and based in China told Reuters on Tuesday. Despite the fact that Russia’s…SWIFT Ban Hits Russian Coal Exports To China
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