Ishaq dar has hinted at buying Petrol from Russian oil on the condition that Russia provides Petrol at the same rate as it is giving to India.
He further said West should not be having a problem if Pakistan imports oil at a cheap rate due to the Financial hardship Pakistan is suffering.
To a question about Politics, he said, “08 months are enough for the government to restore its political prestige and win popularity.”
As per reports, Russia is already trying to secure long-term cut-rate contracts with countries at discounts of 30 percent or more, for their concern over the price cap,” the sources maintained.
The policy intends, sources said, to encourage oil trade, not deter it, including Russian oil at lower prices. In this regard, if importers and refineries want to avail necessary services including insurance, brokering, bunkering etc. from any of the coalition country members, they must purchase the seaborne Russian oil at a price at or below the set price cap. The U.S. and majority of G-7 countries have banned the import of Russian oil and will not be buying oil made available by the price cap.
In terms of compliance a record-keeping and attestation model will be followed by US Treasury’s Office of Financial Asset Control (OFAC) to track whether oil transactions below the price ceiling. OFAC will also advise about red flags for sanctions and price cap evasions to maritime and other relevant departments of the importing entity.
The sources maintained that proposed incentives to developing countries include:(i) buy Russian seaborne crude oil and petroleum products at a lower price;and (ii) address inflation and lower energy costs in their country.
The “price cap” has not yet been decided, and will be set by international consensus with countries that agree to implement the services ban and price cap exception.
The sources further stated that the U.S. side has conveyed that a country may partner with the coalition to cap the price of Russian oil to limit Russia’s revenues. U.S. has conveyed that a country may decide not to join the coalition but still benefit from purchasing the Russian seaborne oil at a lower price set by the coalition.
Ministry of Foreign Affairs, sources said, has also sought some clarifications from the U.S Embassy in Islamabad on this issue. On MoFA’s inquiry whether a long-term cut-rate contract may be established by a country to purchase Russian oil before a price cap has been established, the U.S. side did not appear to have any strict objections on the matter.
The sources said, MOFA has requested Ministry of Energy to facilitate meeting with U.S Embassy officials on this issue and also seek clarification inquiry whether a long-term cut-rate contract may be established by a country to purchase Russian oil before a price cap has been established.
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