Pakistan’s Russian crude shipment paid in Chinese currency: minister

Pakistan's petroleum minister, Musadik Malik, said on Monday that the country had paid for its first government-to-government import of discounted Russian crude in Chinese currency. This is a significant shift in Pakistan's export payments policy, which has traditionally been dominated by the US dollar.

The shipment of 100,000 tonnes of Russian crude arrived in Karachi on Sunday. Malik said that Pakistan had paid for the oil in renminbi, the Chinese currency. He did not disclose the exact amount paid, but said that it was a "good deal" for Pakistan.

The purchase of Russian crude is part of Pakistan's efforts to diversify its energy imports. The country has been facing an acute balance of payments crisis, and is struggling to meet its import needs. The war in Ukraine has also pushed up global oil prices, making it more difficult for Pakistan to afford its oil imports.

The purchase of Russian crude is also seen as a sign of Pakistan's growing ties with China. The two countries have a close relationship, and China is Pakistan's largest trading partner. China has also been providing Pakistan with financial assistance, including a $6 billion loan to help the country meet its balance of payments needs.

The purchase of Russian crude is likely to be met with criticism from the United States and its allies. The United States has imposed sanctions on Russia in response to its invasion of Ukraine, and these sanctions include restrictions on the purchase of Russian oil. However, Pakistan has said that it will not be affected by the US sanctions, as it is not a member of the European Union or the United States.

The purchase of Russian crude is a significant development for Pakistan. It is a sign of the country's growing economic and political ties with China, and it is a way for Pakistan to diversify its energy imports. However, the purchase is also likely to lead to criticism from the United States and its allies.