Pakistan to ditch US dollar to buy Russian oilPakistan has begun purchasing discounted Russian for the Chinese yuan, reducing to use the US dollar, local media reported, citing sources in the government who confirmed the use of the alternative currency for international payments.
The first shipment of more than 750,000 barrels is anticipated to arrive in June, with the Bank of China said to be facilitating the transaction.
It is unclear exactly how much oil Pakistan is buying or what the mode of payment is, but the country has reportedly agreed to pay between $50 and $52 per barrel, well below the market price.
Earlier, the governments of China and Brazil agreed to dump the US dollar in trade between the countries to directly use their national currencies.
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