Pakistan’s Petroleum Minister Musadik Malik said on Monday that the country paid for its first government-to-government import of Russian crude oil in Chinese currency. This is a significant shift in Pakistan’s export payments policy, which has traditionally been dominated by the US dollar. Russian crude shipment paid in Chinese currency: Musadik Malik.
The decision to pay for the Russian crude in Chinese currency is likely due to a number of factors. First, Pakistan is facing an acute balance of payments crisis, and the government is looking for ways to save foreign exchange. Second, the US has imposed sanctions on Russia, which has made it more difficult for Pakistan to purchase oil from the country in US dollars. Third, Pakistan has a close economic relationship with China, and the two countries have a currency swap agreement in place.
The payment for the Russian crude in Chinese currency is a sign that Pakistan is willing to diversify its sources of oil imports and its payment methods. This could help the country to reduce its reliance on the US dollar and to improve its balance of payments position.
Here are some additional details about the deal:
- The first cargo of Russian crude oil arrived in Karachi on Sunday.
- The oil was purchased at a discounted price.
- The payment was made in Chinese currency.
- The oil will be refined at Pakistan’s Refinery Limited (PRL).
- The deal is a sign of Pakistan’s growing economic ties with China.
It remains to be seen how this deal will impact Pakistan’s economy in the long term. However, it is a significant development that could help the country to improve its balance of payments position and reduce its reliance on the US dollar. Russian crude shipment paid in Chinese currency: Musadik Malik
