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Jun 13, 2023
ISLAMABAD, Pakistan received its first shipment of Russian crude oil, a cargo carrying 45,000 metric tonnes, in the southern city of Karachi. The payment for this historic strategic international partnership, based on G2G, was made in Chinese currency RMB, according to an official statement. Leading Pakistani economists believe this move will decrease Pakistan's reliance on the US dollar, marking the beginning of an international de-dollarization movement.
State Minister for Petroleum, Musadik Malik, termed the arrival of the first Russian oil cargo in 75 years as a "major development" on Tuesday (June 13). He stated, “We have purchased 100,000 tons of Ural (second lighter crude oil) from Russia”. The arrival of this cargo signifies the beginning of a continued import of crude oil from Russia. “Our target is to import one-third of our required oil from Russia, and we intend to pass on the discount to the consumers."
In an interview with Gwadar Pro, Professor Dr. Ashfaque Hassan, Dean of Business School, National University of Science and Technology (NUST), Islamabad, echoed Malik's ideas. He called the purchase of Russian crude oil in RMB a "major development", saying it would reduce Pakistan’s "dependence on the dollar". He further added, “This is the first time that in international trade we are using Chinese currency as a currency of international settlement or trade settlement; this is just the beginning from the Pakistani side."
Dr. Hassan also noted that many other countries were also trading using currencies other than the US dollar. He stated, “This is part of the de-dollarisation move which is going on at the international level; the United States has been using economic sanctions as an instrument of war or punishment to the developing countries. I think this is just a reaction to that."
Pakistan-Russia trade in RMB, the beginning of de-dollarisation movement: Experts
By Tahir AliJun 13, 2023
ISLAMABAD, Pakistan received its first shipment of Russian crude oil, a cargo carrying 45,000 metric tonnes, in the southern city of Karachi. The payment for this historic strategic international partnership, based on G2G, was made in Chinese currency RMB, according to an official statement. Leading Pakistani economists believe this move will decrease Pakistan's reliance on the US dollar, marking the beginning of an international de-dollarization movement.
State Minister for Petroleum, Musadik Malik, termed the arrival of the first Russian oil cargo in 75 years as a "major development" on Tuesday (June 13). He stated, “We have purchased 100,000 tons of Ural (second lighter crude oil) from Russia”. The arrival of this cargo signifies the beginning of a continued import of crude oil from Russia. “Our target is to import one-third of our required oil from Russia, and we intend to pass on the discount to the consumers."
In an interview with Gwadar Pro, Professor Dr. Ashfaque Hassan, Dean of Business School, National University of Science and Technology (NUST), Islamabad, echoed Malik's ideas. He called the purchase of Russian crude oil in RMB a "major development", saying it would reduce Pakistan’s "dependence on the dollar". He further added, “This is the first time that in international trade we are using Chinese currency as a currency of international settlement or trade settlement; this is just the beginning from the Pakistani side."
Dr. Hassan also noted that many other countries were also trading using currencies other than the US dollar. He stated, “This is part of the de-dollarisation move which is going on at the international level; the United States has been using economic sanctions as an instrument of war or punishment to the developing countries. I think this is just a reaction to that."
