On the sidelines of the Shanghai Cooperation Organisation (SCO) summit in Astana, Russian President Vladimir Putin met with Prime Minister Shehbaz Sharif and offered Pakistan increased energy supplies, including crude oil. This meeting marks the second time the two leaders have convened, with their first encounter occurring in September 2022 in Samarkand during the SCO summit.
Pakistan has been determined to cultivate a stronger relationship with Russia as part of its broader strategy to diversify its foreign policy options, despite external pressure. Last year, Pakistan received its initial shipment of Russian crude oil under a bilateral agreement. This delivery, totaling 45,000 metric tonnes, reached Karachi, followed by another 50,000 metric tonne shipment a week later. These initial transactions were conducted to assess the feasibility of importing crude oil from Russia and to address logistical challenges before considering sustained supplies.
During the recent meeting with Prime Minister Shehbaz, President Putin discussed the potential for expanded energy provision to Pakistan in detail. He specifically highlighted the areas of cooperation in energy and agro-industrial sectors, expressing readiness to escalate energy supplies to Pakistan and support the country’s food security by bolstering grain imports. This detailed discussion provides insight into the future of their energy trade.
According to the Kremlin, President Putin conveyed his satisfaction at meeting Prime Minister Shehbaz and praised the development of trade relations between the two countries, emphasizing promising prospects in this domain. Furthermore, he noted the growing collaboration between their respective foreign ministries within various international organizations and platforms.
In response, Prime Minister Shehbaz expressed his delight at the thriving friendly relations between Russia and Pakistan over the years, expressing hope that the meeting would further solidify these ties. He congratulated President Putin on his re-election and conveyed his eagerness to work closely to enhance bilateral relations. Shehbaz advocated for reinforcing trade relations, particularly in the energy sector, recalling the previous shipment of oil and expressing gratitude for the support from Russia. This mutual respect and admiration between the leaders bode well for the future of the relationship.
The prime minister also highlighted the historical bilateral trade relationship, extending back to the mid-20th century, and suggested the reinvigoration of barter-based trade to overcome current financial and banking obstacles. This historical context underscores the depth of their economic ties. He emphasized the self-sufficiency of the bilateral relationship, unaffected by geopolitical factors or interactions with other nations, and proposed an expansion of trade relations under the barter system to benefit Pakistan and alleviate various challenges.
