Pak banks refuse to open LCs for Russian crude oil import-India is doing it not us
All Pakistani commercial banks have refused to open letters of credit (LCs) for Russian-origin crude oil in the presence of economic sanctions by the US, the UK and EU countries against Moscow for war against Ukraine, saying the payment in US dollar terms is not possible against the import of Russian crude oil.
However, if the government manages to enter a G2G agreement with Russia for the import of crude oil under transaction mode based on the rouble, ensuring no impact of sanctions on Pakistan, the refineries can utilise crude oil up to 15-30 percent, keeping in view its technical suitability for making finished products.
All our refiniries sing the same song of time taken and quality of fuel, perhaps Indians are not as intelligent as we are.
