Pakistan in talks with Russia on importing oil on deferred payment: Report

Pakistan is in talks with Russia on the possibility of importing oil on deferred payment, according to a media report on Sunday.

Prime Minister Shehbaz Sharif had three meetings with Russian President Vladimir Putin on the sidelines of the Shanghai Cooperation Organisation (SCO) summit in Uzbekistan’s Samarkand city, which concluded last week, the Express Tribune newspaper reported quoting a top government official.

“One was formal and the rest were informal,” said the official, who was part of the prime minister’s delegation.

“What we have discussed during the recent interaction with the Russian side is the possibility of importing oil on deferred payment,” the official said, adding that Moscow has shown inclination to consider the proposal.

If the proposal is materialised, it will be a landmark development given that Pakistan imports oil from Gulf countries and in the past Saudi Arabia and UAE supplied Pakistan oil on deferred payment.

However, it is not clear if the government can pursue the option given the likely opposition from the United States.

A source in the foreign office disclosed that the US has never explicitly asked Pakistan not to import oil from Russia but “advised us that it is better if we don’t enter into such a venture with Russia”, the report said.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor