Pakistan Russia Oil: Pakistan’s attitude increasing Putin’s anger! Slowness in buying oil from Russia, nature or compulsion of a poor country? – russia is angry on pakistan for delaying in oil import process amid facing dollar crisis
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In a recent development, Russia was incensed to learn that Pakistan has not yet started the process it had committed with Moscow to start the first shipment of crude oil, the newspaper reported. Pakistan promised to set up a new Special Purpose Vehicle (SPV) company that would be responsible for importing Russian oil to Pakistani refineries.
Russia angry with Pakistan’s slowness
This government company will also handle all other things related to import and payment of oil. But Islamabad has not yet taken any steps regarding this and has not even registered the SPV, which has angered Moscow. Pakistan had agreed to import a cargo of crude oil from Russia next month. But due to delay in setting up the SPV, the first shipment is now expected to arrive in May.
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Dollar challenge in front of Pakistan
Pakistan is facing acute shortage of dollars. It is a big challenge for the country to pay for Russian crude oil in dollars. Earlier a foreign company had offered a Pakistani refinery to import crude oil from Russia but Pakistani banks refused to pay. Russia has now agreed to pay for oil from Pakistan in Russian ruble, Chinese yen and UAE dirham.
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