Minister of Finance Miftah Ismail on On Tuesday, he said that Pakistan is ready to buy Russian oil at lower prices if it is offered and if sanctions are not imposed. over such a deal.
Under interrogation in Interview with CNNBecky Anderson if Pakistan were open to cheap Russian oil just how India did it, finance minister He said that he “would definitely think about it.”
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 said CNN anchor.
Ismail said that with Russia under sanctions was “very hard” for him to imagine that he is buying oil there.
It is worth mentioning that according to 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.
PTI leader Shirin Mazari disagreed with Ismail’s remarks, calling him “ignorant” and saying: “There are no sanctions on buying oil in Russia. Ask India. So what’s really stopping him from buying other than fear of US.”
Meanwhile, on subject of imported wheat, Ismail, in in CNN interview, said Pakistan has turned to Ukraine and Russia and would be “happy to buy from any country ready to sell.
Pakistan oil imports facing currency restrictions
Oil industry of Pakistan facing challenges in organization international finance for import of crude oil and petroleum products.
This was reported by informed sources. Dawn what the Petroleum Department 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 said Dawn that, with the exception of two major corporations, Pakistan State Oil and Pak-Arab Refinery 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.
