Pakistan will not face global sanctions for purchasing Russian oil: Ishaq Dar

ISLAMABAD: Finance Minister Senator Ishaq Dar has assured that Pakistan will not face global sanctions for purchasing Russian oil, ARY News reported on Thursday.

Ishaq Dar gave the assurance during a briefing to the Senate’s Standing Committee on Finance. He continued that India and China are purchasing crude oil from Russia despite global sanctions.

He said that major progress was made in November last year for the purchases of Russian oil and the government completed its homework before the procurement of the crude oil.

Dar said that a committee of the G7 countries had envisaged a procedure to produce oil from Russia and Pakistan followed the approved procedure.

READ: Pakistan completes extraction of Russian oil at Karachi port

He said Foreign Minister Bilawal Bhutto Zardari played a key role in consultations and approval with the G7 countries before the Russian oil purchases.

The finance minister said the payment of Russian crude oil will be made in Chinese currency Yuan. He added that Russia is satisfied with the payment in the Chinese currency, additionally, it will also reduce shipping costs and crude oil prices.

To another query, Dar said the government will enhance border trade with Iran, however, petroleum products were not included in the border trade.

On Sunday, Pakistan completed the transfer of crude oil from a Russian ship that reached Karachi port with over 45,000 metric tons of oil.

READ: Pakistan, Russia sign MoU to exchange statistical data on mutual trade

The Russian ship, Pure Point ship with 45,142 metric tons of oil was berthed at OP2، The second oil carrier will arrive at Karachi’s port from Russia next week.

It is pertinent to mention that earlier this week, the first ship carrying Russian oil has anchored at Karachi port.

US stance on Russian oil purchases

The US State Department spokesperson Matthew Miller, in a press briefing on June 15, that every country has right to take decisions in accordance with its energy needs. He added that Russian oil was sold at very low prices compared to the global market rates.

The Russian oil price was dropped due to the limitations imposed by the US and its allies which deprived Russia of an additional $100 billion revenue which could be spent in the Ukraine war.

He further clarified that the US had not imposed any restrictions on Russian oil exports.