Pakistan paid in renminbi for Russian oil
Pakistan paid for its first government-to-government import of discounted Russian crude oil in Chinese currency, Reuters reported this week.
Pakistan paid in renminbi for Russian oil
The Economics of Geography

Pakistan paid in renminbi for Russian oil

Russian cargo ship carrying crude oil at the port in Karachi (Photo: AFP/KPT)
Eurasia 16/06/2023 14:39

Pakistan paid for its first government-to-government import of discounted Russian crude oil in Chinese currency, Reuters reported this week.

The first cargo of discounted Russian crude oil arranged under a deal struck between Islamabad and Moscow earlier this year arrived in Karachi last Sunday, the news agency added.

Petroleum Minister Musadik Malik, speaking to Reuters by telephone, did not disclose the commercial details of the deal, including pricing or the discount that Pakistan received, but said, the "payment (was) made in RMB)".
Photo: iStock
He said the purchase, Pakistan's first government-to-government (G2G) deal with Russia, consisted of 100,000 tonnes, of which 45,000 tonnes had docked at Karachi port and the rest was on its way. Pakistan made the purchase back in April.

 "This is normal trade cooperation between Pakistan and Russia and within the scope of their sovereignty," the Chinese Foreign Ministry told Reuters. "As a matter of principle, we are open to the settlement of crude oil trade in RMB," the ministry said.

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