All Pakistani Banks Refuse To Open LCs For Russian Crude Oil Import

All Pakistani business banks have would not open letters of credit (LCs) for Russian-beginning unrefined petroleum in the illumination of monetary authorizations by the United States, the United Kingdom and the European Union against Moscow for attacking Ukraine, The News revealed Saturday.

The business banks, as per the distribution, have expressed that installment in US dollars is unimaginable against the import of Russian raw petroleum.

Be that as it may, in the event that the public authority figures out how to enter a G2G concurrence with Russia for the import of unrefined petroleum under exchange mode in light of the rouble — guaranteeing no effect of approvals on Pakistan — the processing plants can use raw petroleum up to 15-30%, saving in view its specialized reasonableness for making completed items.

Then again, the processing plants are in their short and long haul concurrences with Abu Dhabi National Oil Company (ADNOC), Aramco, and Kuwait Petroleum Corporation (KPC) for raw petroleum imports.