The de-dollarization campaign has taken a breather in recent months.
And then came a Reuters report that Pakistan paid for a Russian crude oil shipment in Chinese yuan.
Interesting.
Here is what the newswire reported:
Pakistan paid for its first government-to-government import of discounted Russian crude in Chinese currency, the South Asian country’s petroleum minister said on Monday, a significant shift in its U.S. dollar-dominated export payments policy.
Discounted crude offers respite as Pakistan faces an acute balance of payments crisis, risking a default on its debt obligations. The foreign exchange reserves held by the central bank are scarcely enough to cover four weeks of controlled imports.
The first cargo of discounted Russian crude oil arranged under a new deal struck between Islamabad and Moscow earlier this year arrived in Karachi on Sunday. It is currently being offloaded at the port in the southern city of Karachi.
Meanwhile, the order was about 100,000 tons, which included 45,000 tons at the Karachi port. The remaining 55,000 tons were on their way.
Interesting turn of events indeed!
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