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Pakistan wants to buy oil from Russia for yuan on a permanent basis

  • Sun Online Desk
  • 10th May, 2023 05:47:00 PM
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Pakistan wants to buy oil from Russia for yuan on a permanent basis

Islamabad has so far placed an order for a single cargo of Russian oil, apparently driven by the increased purchases of discounted Russian crude by New Delhi and Beijing.

Pakistan hopes to strike a long-term contract with Russia to purchase crude from Moscow in Chinese currency, Pakistan Federal Minister for Energy Khurram Dastgir Khan told foreign media on Wednesday.

In January, representatives of the governments of Pakistan and Russia reached a conceptual agreement on the supply of Russian oil and agreed to coordinate logistics, insurance, payment and export volumes before they start. Pakistan will have to draw up a comprehensive energy security plan, providing for the imports of oil, liquefied natural gas, pipeline gas and other types of fuel from Russia.

US Could 'Punish' Pakistan for Buying Russian Oil

A New-Delhi-based expert told Sputnik earlier that Washington may impose "too stiffening" costs on Pakistan for purchasing oil from Russia, whereas Moscow would also be cautious regarding oil exports amid Pakistan's alleged military supplies to Ukraine.

Washington has already expressed its displeasure about Islamabad leaning toward Moscow and finds it difficult to accept Pakistan's oil imports from Russia since China and India are purchasing Russian oil, Singh stated, adding that successive US administrations were always believed to have enormous influence on the Pakistani political leadership in this regard.

Former Pakistani PM Imran Khan, currently in custody, has said that he was upset his country could not purchase Russian crude oil at a discounted rate "just like India" amid a severe economic crisis in the country. Khan also said that his government had planned to buy oil from Russia, but failed to do so due to the no-confidence vote in April 2022, resulting in Khan's removal from office.

Source: Sputnik