Russia and Pakistan are exploring alternative banking and payment mechanisms to reduce reliance on Western financial networks. Russian Ambassador Albert P. Khorev said sanctions have long hindered transactions and stalled projects, including the Pak Stream Gas Pipeline. Both countries are developing a roadmap to resolve these challenges and ensure smoother bilateral cooperation.
Khorev highlighted that Russia and Pakistan are cooperating closely in trade and energy sectors. He noted a memorandum of understanding had been signed for the revival of Pakistan Steel Mills. Both sides are examining banking arrangements to facilitate payments and support ongoing projects despite sanctions-related obstacles.
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The ambassador described the recent Pakistan-Russia Inter-governmental Commission meeting in Islamabad as productive. He emphasized efforts to expand people-to-people contacts, strengthen cultural ties, and improve regional connectivity with Central Asia. Khorev said these initiatives would deepen bilateral cooperation across multiple sectors.
On regional issues, Khorev stated that Russia supports diplomatic dialogue between Pakistan and India. He stressed that disputes, including Kashmir, should be resolved bilaterally without third-party involvement. He also welcomed Pakistan’s neutral stance on the Ukraine conflict and its consistent calls for diplomatic solutions.
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Khorev concluded by emphasizing that alternative financial channels are critical to bypass sanctions and sustain bilateral projects. He reiterated Russia’s commitment to supporting Pakistan Steel Mills and ongoing energy cooperation, ensuring continued collaboration between the two nations.