Pakistan wanted to buy cheap Russian crude oil just like India, but failed: Imran Khan

In a recent video address to Pakistan, former Prime Minister Imran Khan praised India's foreign policy for procuring affordable crude oil from Russia. Khan expressed Pakistan's desire to also purchase cheap crude oil from Russia but acknowledged that they were unsuccessful in doing so.

"Islamabad wanted to get cheap Russian crude oil just like India, but was not able to do so as my government collapsed in a no-confidence motion," the Pakistan Tehreek-e-Insaf (PTI) chief said.

Currently, Pakistan is facing its worst economic crisis, with a significant devaluation of its currency against the US dollar, with PKR 288 being the current open market rate. This has resulted in buying fruits during the month of Ramzan becoming a luxury for millions of people in the country.

Imran Khan's failed Moscow visit

During Imran Khan's visit to Moscow in February 2022, which was the first by a Pakistani PM in 23 years, he was not able to secure any agreement to ease Pakistan's financial woes. It is worth noting that his visit coincided with the day that Russian President Vladimir Putin launched a military operation invading Ukraine.

According to a statement by PTI in February, Russian Ambassador to India Denis Alipov expressed the desire of Moscow to enhance economic ties with Islamabad, stating that a "weak" Pakistan would not be beneficial for the region, including India and Afghanistan.

After his previous statement caused confusion, Alipov, clarified in a tweet that a destabilised Pakistan is not in the interest of any country in the region, rather than calling for economic engagement with Pakistan. Alipov also noted that Russia was keeping a close eye on reports of Pakistan sending military equipment to Ukraine.

Meaning destabilized Pakistan is not in the interests of any in the region. A strong anti-India Pakistan cannot be in the interest of any, particularly India. pic.twitter.com/yNBrITZUdt

— Denis Alipov 🇷🇺 (@AmbRus_India) February 6, 2023

In May 2022, Imran Khan praised Indian Prime Minister Narendra Modi for his decision to buy inexpensive oil from Russia, despite pressure from the United States. "Despite being part of the Quad, India withstood US pressure and bought cheap oil from Russia to facilitate its people," tweeted Imran Khan, adding: "Our government was trying to achieve this through an independent foreign policy."

Global oil markets impacted due to Russia-Ukraine conflict

Analysts suggest that the ongoing conflict between Russia and Ukraine has caused a significant and lasting impact on global oil markets, leading to the formation of new geopolitical alliances. The effects of the war extend beyond the battlefield and impact the energy industry.

According to a report by National Public Radio (NPR), the flow of oil, natural gas, and other refined products such as diesel has been disrupted, causing one of the most significant changes in the global energy market in recent times. Since March 2021, Russia has been offering oil at discounted rates following its invasion of Ukraine. As of March 2023, combined oil imports from Russia by China and India have surpassed those from the 27 European Union member states.