Pakistan pays for Russian oil in yuan

ER Editor: See also this by Alex Kimani for

Pakistan Pays For Discounted Russian Oil In Yuan


Pakistan pays for Russian oil in yuan – Reuters

The transaction signals a shift in Pakistan’s US dollar-dominated export payments policy


Pakistan has paid for its first shipment of crude oil from Russia in Chinese yuan, Reuters reported on Monday, citing Pakistani Petroleum Minister Musadik Malik.

The cargo was delivered to Karachi port thanks to a deal struck by Russia and Pakistan in January. The first order under the deal was placed in April.

Pakistan pays for Russian oil in yuan – Reuters


Malik did not disclose any other details on the price or discounts applied to the purchase. According to the outlet, the transaction in yuan represents a significant shift in Pakistan’s US dollar-dominated export payments policy.

Russia signed the oil deal with Pakistan as part of a drive to diversify its export avenues after it was slapped with a collective ban by the EU, the G7, and their allies in December, along with a price cap of $60 per barrel.

Moscow redirected its oil flows to countries such as India and China and negotiated payment settlements in currencies other than the US dollar due to sanctions, which effectively cut Moscow off from the Western financial system.

According to previous reports, Pakistan had agreed to a per-barrel price of around $50-52 for Russian crude. Last year, the country imported 154,000 barrels of oil per day, with roughly 80% of its supplies coming from Saudi Arabia, the UAE and other Gulf nations. Energy imports account for most of the Pakistan’s external payments. The hope is that discounted Russian crude will help stabilize oil prices in the country, which is facing high external debt, a weak local currency, and critically low foreign exchange reserves.



Featured image, yuan: REUTERS/Florence Lo/Illustration

Featured image, oil drilling:


The Liberty Beacon Project is now expanding at a near exponential rate, and for this we are grateful and excited! But we must also be practical. For 7 years we have not asked for any donations, and have built this project with our own funds as we grew. We are now experiencing ever increasing growing pains due to the large number of websites and projects we represent. So we have just installed donation buttons on our websites and ask that you consider this when you visit them. Nothing is too small. We thank you for all your support and your considerations … (TLB)


Comment Policy: As a privately owned web site, we reserve the right to remove comments that contain spam, advertising, vulgarity, threats of violence, racism, or personal/abusive attacks on other users. This also applies to trolling, the use of more than one alias, or just intentional mischief. Enforcement of this policy is at the discretion of this websites administrators. Repeat offenders may be blocked or permanently banned without prior warning.


Disclaimer: TLB websites contain copyrighted material the use of which has not always been specifically authorized by the copyright owner. We are making such material available to our readers under the provisions of “fair use” in an effort to advance a better understanding of political, health, economic and social issues. The material on this site is distributed without profit to those who have expressed a prior interest in receiving it for research and educational purposes. If you wish to use copyrighted material for purposes other than “fair use” you must request permission from the copyright owner.


Disclaimer: The information and opinions shared are for informational purposes only including, but not limited to, text, graphics, images and other material are not intended as medical advice or instruction. Nothing mentioned is intended to be a substitute for professional medical advice, diagnosis or treatment.

Be the first to comment

Leave a Reply

Your email address will not be published.