The Russian oil on which India saved its economy from collapse and used it as a tool to reduce inflation. Pakistan has flatly refused to buy the same Russian oil. That too at such a time when it is not only in need of cheap oil but also in compulsion, because Pakistan, burdened with the burden of debt, has almost no foreign exchange.
Pakistan has refused Russian oil because of its quality, but the reason is something else. According to the information, Pakistan has taken enmity with Russia for Ukraine. In fact, Pakistan has demanded to increase defense supplies to Ukraine. For this, Pakistan has also contacted the Gulf country to send supplies through Poland.
In such a situation, getting oil from Pakistan can go against NATO, which is standing in front of Russia in support of Ukraine. In such a situation, it has become very important to understand this whole game that after all Pakistan, which is so in need of cheap Russian oil, has agreed to make sacrifices for the sake of Ukraine. First let's look at the reason given by Pakistan.
What reason did Pakistan give
Pakistan has suspended the import of Russian oil after two consignments on the basis of the quality of crude oil. The Government of Pakistan has blamed the quality of Russian crude oil for its decision. According to the information, Pakistani refineries have refused to process Russian oil, because it was producing less petrol with 20 percent more furnace oil than Arab crude oil. On June 11 and 26, two crude oil ships from Russia arrived at Karachi port, after which no Russian oil ship reached Pakistan. The first consignment contained 45,000 tonnes of crude oil. The second ship with about 56,000 tonnes of crude oil reached Karachi port on 26 June.
Russian delegation visited Pakistan
In fact, the truth is that Pakistan's plan to import future shipments of Russian oil under the government-to-government ecosystem ran into trouble when Pakistan did not prepare a special purpose vehicle at Russia's behest to handle payments and shipments. Russia had also expressed its great displeasure on this matter. According to media reports, a Russian delegation had visited Karachi in July to discuss quality pricing of its crude oil, but was not satisfied with the progress made by Islamabad in forming the SPV. According to people watching Russian oil exports, unlike in the case of India, Russia was not giving any special concession to Pakistan for imported crude oil. Apart from this, the Government of Pakistan failed to give exemption to its citizens.
So this is the real reason
Pakistan used yuan to pay for Russian crude oil. Islamabad had taken entry in Russian oil to save foreign exchange reserves by managing better discounts. The surprising thing is that Pakistan is dragging its feet on the import of Russian crude oil while demanding to increase defense supplies to Ukraine. ET reported last week that Pakistan had approached a Gulf state for supplies to Ukraine via Poland. In such a situation, Pakistan does not want to anger those developed countries who have come in support of Ukraine, who have imposed a pricing cap along with banning the import of Russian oil. In which apart from NATO countries, the European Union is also included.
India liked Russian oil
On the other hand, if we talk about India, in the last more than a year, Russian oil has become very popular. Indian refiners do not want any reduction in Russian oil imports even after the margin is low. If Indian refiners are to be believed, they are still finding Russian oil much cheaper than the crude of Gulf countries. At present, the price of Brent crude oil has crossed $86. Ruri oil was found at $ 68.17 per barrel in the month of June, which was at $ 70.17 per barrel in the month of May.
If we talk about the political stand, then India has not been in support of taking any kind of action against Russia. India always stood with Russia during the Ukraine war. The benefit of which India got in the form of Russian oil. At present, about 40 percent of Russian oil has the largest share in India's oil basket.
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