First government-to-government crude oil cargo shipment from Russia arrives in Pakistan

Pakistan receives first shipment of Russian oil at a reduced price: Pakistan’s port of Karachi has received the country’s first shipment of reduced-price Russian crude oil, Pakistani Prime Minister Shehbaz Sharif said on Twitter. The shipment, part of a larger agreement between Pakistan and Russia, offers much-needed relief to Pakistan, which is grappling with a payment crisis and the potential threat of defaulting on its debt, Reutersreports. Energy imports make up the majority of Pakistan's external payments. Pakistan paid for the shipment in CNY, Pakistan’s Oil Minister Musadik Malik told Reuters, without disclosing an exact amount. Pakistan's purchase provides Russia with an additional market, in addition to its growing sales to India and China, as the country redirects its oil away from Western markets due to the fallout from the ongoing Ukraine conflict.