Asian countries are strengthening trade relations with Russia despite Western sanctions.
President Vladimir Putin the depth of the war chest has been guessed, but oil and gas resources seem to continue to bring income to Russia.
Russia’s oil and gas revenues are According to The Financial Times almost halved, but the economy has still withstood the war better than estimated due to higher energy prices.
Also The World Bank estimates in its new reportthat the Russian economy has weakened less than predicted.
Asian economic giants do not negotiate with Russian trade. 91 percent of Russia’s oil exports now go to China and India, while exports to Europe have decreased.
Karachi’s first crude oil cargo
Now Pakistan has risen alongside India and China. The first shipment of crude oil since the Russian attack arrived at Karachi port on Monday. In the past, energy trade between Russia and Pakistan has been quieter.
Pakistan’s economy is in a severe debt spiral, and there are no guarantees of its ability to pay. Prime minister by Shehbaz Sharif according to which the oil batch was obtained at a reduced price. He assured that Pakistan will handle its payments.
The tightening of trade relations reflects the rapid changes in alliance relations caused by the war in Ukraine.
Russia needs partners. Pakistan, which is heavily dependent on foreign energy and in debt, is also more suitable than before. Nuclear power is more important than its size and ability to pay. Pakistan is the world’s fifth most populous country and Islamist extremist groups like the ISIS organization operate on its soil.
The amount of Russian oil imported to Pakistan is estimated to rise to 100,000 barrels per day.
Pakistan is getting closer to Iran
The Taliban regime of Pakistan’s border neighbor Afghanistan is a favorable negotiation partner for Islamabad. For example, coal transport is expected to increase between countries.
Trade relations with Iran are also getting closer. Iran has supplied electricity to the border region of Pakistan. Trade with Russia and Iran also reduces Pakistan’s dependence on US dollar-based energy trade.
In the past, Pakistan has imported oil products mainly from the oil states of the Persian Gulf.
The International Monetary Fund (IMF) has promised Pakistan a 6.5 billion dollar loan to stabilize the economy and slow down inflation. However, the money taps can remain closed as long as Pakistan buys Russian oil.
Reuters, AFP, AP