Miftah Ismail gives new logic for not purchasing Russian oil
Finance Minister Miftah Ismail gave new logic for not purchasing Russian oil due to fear of facing sanctions from different countries.
Finance Minister Miftah Ismail has given a new logic for not purchasing Russian oil as he expressed fear of facing sanctions from different countries after European Union leaders agreed on an embargo on Russian crude oil imports.
Miftah Ismail, while talking to CNN’s Becky Anderson, said Pakistan would be open to buying Russian oil at cheaper rates if the opportunity arises, provided that no sanctions are imposed because of the deal.
“It is very difficult for me to imagine buying Russian oil. At this point, I think that it would not be possible for Pakistani banks to open LCs or arrange to buy Russian oil. And nor has, for that matter, the Russian Federation offered to sell us oil.”
A day after the EU imposed a 90% ban on Russian oil, Pakistan’s Finance Minister @MiftahIsmail tells me if Russia were to offer Pakistan oil at a cheaper rate without incurring sanctions, he would consider it. pic.twitter.com/zlVY3qKdEs
— Becky Anderson (@BeckyCNN) May 31, 2022
On being asked if Pakistan is open to buying oil and wheat from Russia due to rising food and oil prices, the finance minister said, “We have talked about buying wheat from Russia and the previous government talked about buying oil from Russia but I think Russia is under sanctions.”
Ismail further said, “We have asked Ukraine and Russia, whichever country is willing to sell us wheat, we will be happy to buy from Ukraine or Russia.”
Miftah Ismail complains about fuel subsidy burden; Hammad Azhar presents solution
He also highlighted that “the previous government wrote a letter to the Russian Federation. The letter was not responded to. Russia has not offered us any oil and is now under sanctions right now.”
According to the finance ministry, the government has decided to keep petroleum prices unchanged, sparking fears IMF might not release the $1 billion loan tranche.
The man is a liar! He says after 45 days we will buy oil from Russia if there are no sanctions. Ignorant man! There are NO sanctions on purchasing oil from Russia. Ask India! So what’s actually stopping him from buying other than fear of US? pic.twitter.com/wqphQF8dOP
— Shireen Mazari (@ShireenMazari1) May 31, 2022
Pakistan Tehreek-e-Insaf (PTI) leader Hammad Azhar responded to Ismail’s statement and said, “They started offering discounted oil in mid-march and we immediately started talks with them on the subject. On 29th March our Ambassador in Moscow told me they wanted a letter in writing also and on 30th March it was delivered.”
The former energy minister questioned, “Now why have you waited for 50 days doing nothing?”
They started offering discounted oil in mid march and we immediately started talks with them on the subject. On 29th March our Ambassador in Moscow told me they wanted a letter in writing also & on 30th March it was delivered.
Now why have you waited for 50 days doing nothing? https://t.co/lWFfPzpwRo— Hammad Azhar (@Hammad_Azhar) May 31, 2022
He was replying to a tweet from Ismail which read, “Bhai please listen to my interview again. I did say your govt wrote a letter. But I said no response ever came. (I didn’t say that you waited more than a month after IK’s visit to write the letter & then too when you knew you’d lose the VNC & that it was only done for politics.)”
EU ban on Russian oil
Reuters had said the EU ban on Russian oil, agreed overnight after weeks of wrangling, aims to halt 90% of Russia’s crude imports into the 27-nation bloc by year-end.
It is the toughest sanction yet on Russia for its invasion of Ukraine, and one that will itself affect the EU, where energy prices have spiked and inflation is rising.
Russia accounted for just over a quarter of EU oil imports in 2020, while Europe is the destination for nearly half of Russia’s crude and petroleum product exports.
