Crude Palm Oil Price Oil Prices Tick Up In Volatile Trade, VEGOILS-Palm Oil Dips As Indonesia Export Tax

The Minister Reiterated That He Will Buy Oil From Russia, Pakistan Cannot Be Stopped, Even If America Thinks So: Pakistan minister says the US cannot stop Pakistan from purchasing Russian oil. Pakistan’s Finance Minister Ishaq Dar responded that the purchase of oil from Russia will start immediately.

He was speaking in Dubai while addressing the ranks of Pakistan’s ruling Pakistan Muslim League-Nawaz (PML-N) party.

During his visit to the US last month, Ishaq Dar met with US State Department officials. Pakistan’s purchase of oil from Russia was also discussed in this meeting.

Taking India as an example, the minister said that Pakistan would also try to buy oil from Russia in a similar manner. Ishaq Dar added that Pakistan is ready to buy fuel from Russia if the rate is the same as India’s.

“In the next few months, you will see that the Russian government will take significant steps in favor of Pakistan in this regard,” Ishaq Dar said.

Reports of the Pakistani government buying wheat and fuel from Russia have been surfacing for the past few months.

At the same time, NATO and EU countries cut oil imports from Russia, but a large increase in oil prices kept Russia’s income steady. Countries like India and UAE have also benefited from maintaining oil trade with Russia.

Historically, Russia has not been one of India’s top oil sources. But after the invasion of Ukraine, NATO member countries and other Western countries imposed sanctions on Russia, and Russia started providing subsidized crude oil to India.

India accepted Russia’s offer by overcoming the opposition of allied countries including the US.

Now Pakistan also hopes to get Russian oil with subsidies in the same way.

Earlier, the European Union had decided to ban two-thirds of oil imports from Russia following the ‘special military operation’ in Ukraine. The decision was to stop the import of 90 percent of Russian oil. It was the largest round of sanctions ever imposed on Russia by the European Union.

The president of the European Council said the ban was aimed at putting pressure on Russia to end the war in Ukraine and blocking Russia’s sources of income.


Please enter your comment!
Please enter your name here