An Indian cement maker's recent purchase of Russian coal using yuan involved India's biggest private lender, HDFC Bank, according to an invoice seen by Reuters and a source, as more details emerge of the kind of trade that could blunt Western sanctions against Moscow.
According to the invoice dated June 5 and a source familiar with the matter, HDFC Bank backed cement maker Ultratech s purchase of Russian coal from producer and trader SUEK for 172.7 million yuan ($25.74 million).