Pakistan is set to receive its first consignment of blended oil from Russia soon, which will partially meet its energy demands. Pakistan lacks the technology to refine crude oil into blended oil, and Russia has agreed to export the latter. Interestingly, Russia has agreed to accept payment in Chinese yuan, UAE dirham, and the Russian ruble, marking a departure from the usual US dollar-denominated transactions. This import can be a forerunner to future purchases at lesser rates and opens doors to a broad-based approach towards global trade. It also allows Pakistan to use a currency other than the US dollar, which is a breath of relief for Pakistan given its cash-strapped situation. This single breakaway step from the module of payment is a lifeline for Pakistan. While the US is unlikely to pose an objection (largely due to the fact that many nations have distanced themselves from U.S sponsored sanctions on Russia, understanding that in near future they too may have to depend on Moscow for meeting their energy needs), policy makers must recognize the urgency of transitioning towards renewable energy sources. Pilot, Entire Crew Grounded For Allowing Friend Into Cockpit Modi Set To Attend G7, Quad Summits In Japan, … Continue reading Impact on Pakistan’s economy upon importing Russian oil