Pakistan Ditches US Dollar, Embraces Yuan for Russian Oil Import
The country’s Petroleum Minister Musadik Malik disclosed this information to Reuters on a phone call. According to the minister, the entire transaction involves 100,000 tonnes of oil, but only 45,000 tonnes has been deposited at Karachi with the others on the way. He did not divulge details of the discount which Pakistan received from Russia or the commercial Features of the deal. Still, he suggested that the oil importation is certainly a good buy for Pakistan. “We’ve run iterations of various product mixes, and in no scenario will the refining of this crude make a loss,” Malik announced. “We are very sure it will be commercially viable.” BRICS Nations to Ditch the U.S. Dollars Importantly, the change in currency notes is a clear effort to inactivate the dominance of the United States dollars as regards international trades. More so, it is a milestone for BRICS foundation member countries; Brazil, Russia, India, China, and South Africa, that have been pushing for d...