(MENAFN) Pakistan has compensated for its initial cargo of crude oil from Russia in Chinese yuan, a news agency declared on Monday, quoting Pakistani Petroleum Minister Musadik Malik.
The shipment was transported to Karachi port following an agreement conducted by Russia and Pakistan at the beginning of this year. The initial order under the contract was initiated in April.
Malik did not reveal any other specifics on the rate or reductions applied to the purchase. Based on the outlet, the payment in yuan signifies a substantial alteration in Pakistan’s United States dollar-conquered shipment payments policy.
Russia inked the oil contract with Pakistan as part of an initiative to expand its shipment avenues after it was smacked with a joint prohibition by the European Union, the G7, as well as their associates in December, on top of a price limit of USD60 a barrel.
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