According to a recent report by The News, Pakistan is likely to pay for its Russian oil in Chinese Yuan, with the first test shipment expected to arrive in June. The shipment is expected to contain 750,000 barrels of crude, and there are even rumors that it may arrive as early as the end of May.
Sources from the Ministry of Energy suggest that the Bank of China may play a role in facilitating the transaction, although exact details have not been made public. This move comes as Pakistan seeks to strengthen its ties with both China and Russia and diversify its sources of oil.
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Despite the official’s reluctance to disclose the details of the transaction, it is believed that Pakistan will receive a discount on the price of the crude oil. However, the seller is hesitant to reveal this information for fear of backlash from other countries who may also be buying oil from Russia directly. Ultimately, the goal is to ensure that this deal is in the best interest of Pakistan.