Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Palestinian Ministry of Health: Two were martyred in Israeli shelling that targeted a besieged house in the town of Qabatiya in Jenin
At least 68 dead in migrant shipwreck off Yemen: IOM
Trump: We want to feed the people in Gaza, we do not want them to starve.
US President Donald Trump: We will impose sanctions on Russia if it does not end the war on Ukraine.
Israeli media: Polls show that 52% oppose Prime Minister Benjamin Netanyahu while only 29% support him.
Israeli media: 32% of Americans still support "Israel's" war on Hamas, while 60% oppose it.
Israeli media: Core US support for "Israel" hits its lowest, while support for Palestine reaches its highest levels.
Al Mayadeen's correspondent reports martyrs, injuries in Israeli bombardment of home in Heker al-Jame area in Deir al-Balah, central Gaza.
Al-Quds Governorate: Today, the spatial division of Al-Aqsa Mosque began in a public and dangerous manner, and we warn of a religious war in the region
The Ministry of Health in Gaza: This brings the total number of victims of famine and malnutrition to 175, including 93 children

Pakistan pays for first shipment of Russian oil in yuan

  • By Al Mayadeen English
  • Source: News Websites
  • 14 Jun 2023 19:26
4 Min Read

Signaling a dramatic break in the South Asian country's policy of paying for exports in US dollars and ushering in a new chapter in Islamabad-Moscow ties, Pakistan has made its first payment in Chinese Yuan.

  • x
  • Pakistan pays for first shipment of Russian oil in yuan
    A Russian oil cargo carrying discounted crude is anchored at a port in Karachi Pakistan on Sunday June 11, 2023. (AP)

In a dramatic show of de-dollarization, Pakistan has paid Russia for its first import of discounted crude using the Chinese yuan . 

The G2G purchase of Russian oil was for 100,000 tonnes, and "payment was made in RMB," Pakistan's Energy Minister Musadik Malik said on Tuesday, without divulging the business details of the arrangement, such as price or the discount that Pakistan obtained.

The Russian oil Islamabad received came under an earlier agreement this year between Pakistan and Russia, arriving at the port of Karachi on Sunday. 

Pakistan's acquisition provides Moscow with a fresh chance to supplement its burgeoning sales to India and China, as the Ukraine crisis shifts oil from Western to Eastern markets.

According to the Chinese Foreign Ministry, "This is normal trade cooperation between Pakistan and Russia and within the scope of their sovereignty." "As a matter of principle, we are open to the settlement of crude oil trade in RMB," the ministry added.

Large supplies of oil purchased in non-US currencies at reduced rates arrive at a critical juncture for Pakistan, which is dealing with a balance of payments crisis that puts the government at risk of defaulting on foreign debt. 

Energy imports account for a significant portion of Pakistan's foreign payments and the Central bank of the country has insufficient reserves to support one month of restricted imports. 

Related News

US uses tariffs to strongarm India on Russia ties

India refuses to yield on Russian oil amid US-EU sanctions: Analysis

According to China's envoy to Iran, developing countries are eager to abandon the US currency.

'A new relationship'

Pakistan presently imports the majority of its oil from Saudi Arabia and the United Arab Emirates, and pays for it in US dollars. However, the oil minister stated that “We’re looking to target one-third of our total oil imports at the Russian crude,”or around 100,000 barrels per day, in the future.

Pakistan's Prime Minister Shahbaz Sharif described this as the beginning of a "new relationship between Pakistan and the Russian Federation."

“Today is a transformative day. We are moving one step at a time toward prosperity, economic growth, energy security, and affordability. I commend all those who remained part of this national endeavor and contributed to translating the promise of Russian oil import into reality,” he announced.

In January this year, the two countries agreed on all commercial terms of imports of Russian gas, including payment in the Pakistani national currency, and other issues concerned with logistics, insurance, and export volumes set to be agreed upon by the start of the shipments.

The country's energy security plan said that crude oil, LNG, pipeline gas, and other fuels are planned to be imported from Russia. This agreement will allow Pakistan to cover up to 35% of its crude oil needs.

In March, Russian and Pakistani companies negotiated contracts regarding supplies of Russian oil and a pilot shipment of fuel being discussed.

Russian Foreign Minister Sergei Lavrov issued a video message on Wednesday emphasizing his country's willingness to enhance relations with Pakistan.

“We are aware of the profound interest and respect the Pakistani people hold for Russia and President Vladimir Putin. We greatly appreciate it,” Lavrov expressed, adding that their relationship is based on "trust" and "founded on the concurrence or proximity of approaches to the key issues of the international agenda. Together with our Pakistani partners, we stand for shaping a more just and democratic multipolar world order."

  • Pakistan
  • Russia
  • Russian oil
  • Yuan
  • de-dollarization

Most Read

A rescued crew member from the ETERNITY C vessel in a video released by the Yemeni Armed Forces on July 28, 2025 (Yemeni Military Media)

Yemen Navy reveals fate of targeted Eternity C ship crew

  • Politics
  • 28 Jul 2025
An Israeli tank explodes following an ambush by al-Qassam Brigades in Gaza, Occupied Palestine, undated (Al-Qassam Military Media)

Al-Qassam strikes Israeli vehicles in Gaza, inflicts casualties

  • Politics
  • 30 Jul 2025
UAE lodges complaint against Israeli ambassador over 'misbehavior'

UAE lodges complaint against Israeli ambassador over 'misbehavior'

  • Politics
  • 1 Aug 2025
Protesters chant anti-Israeli slogans as they carry a banner that reads:" Freedom for Palestine, Alliance stop the war," during a demonstration in support of Palestinians in Gaza, outside the Israeli embassy, in Athens, Monday, June 9, 2025 (AP)

Athens mayor slams Israeli ambassador over Gaza war, graffiti claim

  • Politics
  • 3 Aug 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
A member of the al-Qassam Brigades, the armed wing of Hamas, takes part in a parade as he celebrates a ceasefire agreement between Hamas and the Israeli regime in Deir al-Balah, Gaza Strip, Sunday, January 19, 2025 (AP)
Politics

Al-Qassam: We’ll allow aid to Israeli captives if Gaza siege ends

Freed Lebanese freedom fighter Georges Abdallah during an interview on Al Mayadeen, which aired on Sunday, August 3, 2025 (Al Mayadeen screengrab)
Politics

Exclusive: Resistance key to building state, Georges Abdallah says

United Nations Secretary General Antonio Guterres gives a statement about the situation in Gaza at UN headquarters, Friday, June 27, 2025 (AP)
Politics

UN warns Gaza faces water crisis, looming famine under Israeli siege

Israeli soldiers drive their armored personnel carrier along the Gaza Strip, in southern occupied Palestine, Wednesday, July 30, 2025 (AP)
Politics

Ex-Israeli general says Gaza starvation campaign isolated 'Israel'

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS