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
Sources to Al Mayadeen: The diplomatic window remains open, but signs of activating the snapback sanctions mechanism on Iran are increasing.
Sources to Al Mayadeen: Although the Cairo Agreement meets an important part of European demands, they have begun speaking of new conditions in recent communications.
Sources to Al Mayadeen: European countries show no independence in their stance toward Iran during the talks.
Israeli occupation forces issued bombing threats to bomb civilian buildings in Southern Lebanon.
Israeli media: Person behind shooting operation at Allenby Crossing is a Jordanian Army soldier.
Israeli media citing Emergency Services: Both wounded in Allenby shooting operation now dead.
Israeli media: One soldier wounded at Allenby crossing now confirmed killed.
Israeli media: Preliminary reports of shooting operation at Allenby crossing with Jordan.
Al Mayadeen's correspondent: Two were martyred in an initial toll of the Israeli drone strike that targeted the al-Asira neighborhood in the city of Baalbek, eastern Lebanon
Al Mayadeen's correspondent: An Israeli drone strike targeted the al-Asira neighborhood east of Baalbek, eastern Lebanon

Yuan and ruble to replace dollar in Pakistan: Pakistani official

  • By Al Mayadeen English
  • Source: Agencies
  • 28 Sep 2022 13:26
  • 7 Shares
3 Min Read

Pakistan, among other nations, is brushing off the US dollar due to sanctions by making way for the Chinese yuan and Russian ruble.

  • x
  • The ruble and the yuan (bigasia.ru)
    The ruble and the yuan (bigasia.ru)

According to TASS citing a statement by President of the Trade House of Pakistan Association Zahid Ali Khan to reporters on Tuesday, replacing the US dollar with Russian rubles and Chinese yuan is a potential plan Pakistan is considering. 

“We are still trading in dollars, which is a problem… We are considering the issue of trading in rubles or in yuan, but the issue is still being finalized,” said Ali Khan, noting that the transition to the two currencies in trade could take place as soon as next year, as he recently participated in the ‘Export Marathon’ international forum in Ekaterinburg, Russia. 

March witnessed major trade cooperation between Russia and Pakistan concerning the import of two million tons of wheat and more significantly the supply of natural gas, especially as then-Pakistani PM Imran Khan met with Russian President Vladimir Putin in February to brainstorm ways in which bilateral trade relations can be bolstered and broadened.

One of those ways, discussed by the two leaders reportedly, was the Pakistan Stream gas pipeline, which was put on the back burner but is intended to be built in collaboration with Russian companies. The 1,100km pipeline that binds Russia and Pakistan was agreed upon in 2015 and is bound to be financed by both nations.

Related News

Al Mayadeen obtains draft barring attacks on IAEA-monitored facilities

Oil prices rise on Russia supply fears and Fed policy outlook

At a meeting with Pakistani Prime Minister Shehbaz Sharif on the SCO sidelines in Samarkand, Putin said: "There are very interesting and large-scale projects. This is the so-called Pakistan Stream. It is about creating the necessary infrastructure for the supply of liquefied natural gas. We are talking about the supply of pipeline gas from Russia to Pakistan — and this is also possible, bearing in mind that part infrastructure has already been created — Russia, Kazakhstan, and Uzbekistan. We need to resolve the issue with Afghanistan". 

Russian-Pakistani relations have been growing with time, as just last month, Putin congratulated Pakistani PM Shehbaz Sharif and Pakistani President Arif Alvi on the 75th anniversary of Pakistan's independence, noting active cooperation in counter-terrorism. In a telegram sent to the Pakistani leadership, Putin expressed trust that the cooperation between Russia and Pakistan will continue to expand.

According to him, the Pakistani market is interested in the supply of Russian goods, including chemical and pharmaceutical products. “In the near future, we see very great prospects for the development of relations between Russia and Pakistan. Especially, of course, [Pakistan is interested that] Russia exports chemical products, technical products, paper… we need pharmaceuticals. These are issues that are being worked out now,” Zahid Ali Khan explained.

Other countries, such as Venezuela and Turkey, have also adopted the idea of dealing with the ruble currency in which the former welcomed the wider use of the Russian ruble, with hopes to restore the flow of tourists from Russia in the near future and the latter encouraged the use of rubles to pay for Russian gas.

In regards to China, Islamabad and Beijing reiterated their strong support for each other’s interests and commitment to deepening their strategic relations last May, as both sides agreed on the need for stronger collaboration in the areas of tourism, education, finance, and information technology. 

  • Russia
  • Yuan
  • Pakistan
  • Ruble
  • Trade

Most Read

Why is Choose Love using a firm with British and US intelligence connections to run a pro-Palestine musical event? (Al Mayadeen English; Illustrated by Batoul Chamas)

Together for Palestine: Troubling questions about the organisers of this huge event

  • Opinion
  • 17 Sep 2025
Uprising against Volker Turk at the Human Rights Council over Gaza.

Uprising against Volker Turk at the Human Rights Council over Gaza

  • Politics
  • 12 Sep 2025
A screengrab from the ad played on Fox News. (X Screengrab)

Fox airs ad warning Trump not to let Netanyahu 'play' him on Gaza

  • US & Canada
  • 11 Sep 2025
Lapid: Egypt’s Arab Force plan a 'severe blow' to normalization

Lapid: Egypt’s Arab Force plan a 'severe blow' to normalization

  • Palestine
  • 14 Sep 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
A Hezbollah supporter who lost his sight in a pager attack carried out by "Israel" on Sept. 17, 2024, covers his eyes with a red headband inscribed with the name "Hussein" during Ashoura, July 6, 2025 (AP)
Politics

'We Have Recovered': Lebanon marks 1st anniversary of Pager Attack

The Arab neighborhood of El Za'im, on the outskirts of east Occupied Al-Quds in the West Bank, near where Israeli government says housing units will be built as part of the E1 settlement project, Thursday, August 21, 2025. (AP Photo/Ohad Zwigenberg)
Palestine

'Israel’s' deliberate policies drive West Bank economy toward collapse

Ben & Jerry's ice cream shop, Wednesday, Feb. 26, 2025, in Cambridge, Mass. (AP Photo/Charles Krupa)
Politics

Ben & Jerry’s co-founder resigns over parent company curbing activism

Trump’s approval rating falls to new low in second term: Poll
US & Canada

Trump’s approval rating falls to new low in second term: Poll

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