Pakistan says it will “definitely consider” buying Russian oil if the US does not impose sanctions.
– He says that Russia has not responded to a letter written by the government of Imran Khan.
ISLAMABAD: Finance Minister Miftah Ismail stated this on On Tuesday, he said that Pakistan is ready to buy Russian oil at a lower price if it is offered and no sanctions are imposed. on any such transaction.
Under interrogation in Interview with Becky Anderson of CNN if Pakistan were open to cheap Russian oil just How India does it, finance minister He said that he “would definitely think about it.”
The day after the EU imposed a 90% ban on Russian Oil, Pakistani Finance Minister @MiftahIsmail tells me if Russia offered Pakistan oil at a lower price rate without being sanctioned, he will consider it. rice.twitter.com/zlVY3qKdEs
— Becky Anderson (@BeckyCNN) May 31, 2022
However, Ismail noticed that he did not think that this possible for Pakistani banks agree buy Russian oil, also arguing that Moscow did not offer such discounts to Pakistan anyway.
“Previous government talked about buying oil from Russia, but I think Russia is under sanctions and they did not respond to the letter written by the previous government”, he told the CNN anchor.
Ismail said that with Russia under sanctions, it was “very hard” for him to imagine that he is buying oil there.
Meanwhile, on subject of imported wheat, Ismail, in in an interview with CNN said Pakistan has reached out to Ukraine and Russia and would be “happy to buy from any country willing to sell.
It is pertinent to note that, according to a Reuters report, current US sanctions against Russia is not hindered by others countries from buying Russian oil, although Biden administration officials considered imposing secondary sanctions that could limit those purchases in future.
— Rabia Asim (@RabiaAsim8) May 31, 2022
PTI leader Shirin Mazari disagreed with Ismail’s remarks, calling him “ignorant” and saying: “No sanctions on buying oil in Russia. Ask India. So what’s really stopping him from buying other than fear of US.”
The man is a liar! He says in 45 days we will buy oil from Russia if there are no sanctions. Ignorant person! NO sanctions on buying oil in Russia. Ask India! So what’s really stopping him from buying other than fear of US? rice.twitter.com/wqphQF8dOP
— Shireen Mazari (@ShireenMazari1) May 31, 2022
Oil industry of Pakistan facing challenges in organization international finance for import of crude oil and petroleum products.
Well-informed sources told the English newspaper that the Petroleum Department had reported prime minister and finance minister that the arrangements for importing oil became more difficult every day, as foreign banks did not provide financing against letters of credit opened by oil marketing companies (OMC) and oil refineries with local banks.
BUT senior official told the newspaper that, with the exception of two large corporations, Pakistan State Oil and Pak-Arab Refiner Limited, all OMS and refineries were struggling arrange import of petroleum products and oil.
Meanwhile, India received 34 million barrels. of discounted Russian oil since Moscow invaded Ukraine on February 24, according to Refinitiv Eikon, more than triple the value of total imports from Russia, including other goods, compared with same period of 2021.
India’s oil imports from Russia were rising since February, as the third largest in Asia economy and world Russia’s third-largest oil importer has turned to heavily discounted Russian oil, mainly Urals, to cut import costs.
The country received more over 24 million barrels of Russian oil this month, up from 7.2m barrels in April and around 3m in March is set get about 28 million barrels in June, according to Refinitiv Eikon, oil consumption.
