Jun 14, 2023, 12:23 PM
News ID: 85140265
T T
1 Persons

Tags

Pakistan takes first practical step to ditch dollar: Report

Jun 14, 2023, 12:23 PM
News ID: 85140265
Pakistan takes first practical step to ditch dollar: Report

Tehran, IRNA - Pakistan has taken a first step in line with its de-dollarization policy by paying Chinese currency yuan for its imports of discounted Russian crude oil, news outlets have reported.

Pakistan Petroleum Minister Musadik Malik was quoted as saying on Wednesday that government-to-government (G2G) purchase of Russian oil consisted of 100,000 metric tons and that the “payment (was) made in RMB.”

The first shipment of Russian oil arrived 12 June and was offloaded at the port in the southern city of Karachi, said the report. 

Pakistan’s purchase takes advantage of new opportunities arising from the war between Russia and Ukraine. Due to Western sanctions, Moscow lost its European markets for oil and natural gas exports and has instead redirected its sales toward other nations, notably India and China.

Those countries are seeking to work out mechanisms to be able to pay for Russian energy as sanctions imposed on Moscow make it difficult to settle the payments in major international currencies. 

Iran has also been among the leading nations seeking to de-dollarize its foreign trade. 

Iran’s Vice-President Mohammad Mokhber said last month that the dollar domination in the world is on the verge of collapse.

Mokhber said that de-dollarization is an inevitable response of countries to the weaponization of the dollar by the US and allies. 

In the meantime, Iran's central bank governor Mohammadreza Farzin said that de-dollarization is a strategic policy pursued by the Central Bank of Iran (CBI).

Iran has strong economic and political reasons for its strategy to move away from the US dollar, Farzin said last month, adding that the US is exploiting the dollar as a political tool and that other world currencies, particularly in Asia, are growing.

9376**7129**4261

Your Comment

You are replying to: .