Energy Crisis

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The world has changed because COVID-19 has reminded the world of its vulnerability and heightened the awareness of the public and wider society to global risks. Specifically to meet the oil prices are devastating for third world states like Pakistan. The country is in search of cheaper oil beyond its traditional market Pakistan considers pivot to Russia and Ukraine for food (wheat) and oil. In an interview to CNN, finance minister Miftah Ismail says “We have asked Ukraine and Russia, whichever country is willing to sell us wheat, we will be happy to buy from Ukraine or Russia.” As the response from U.S government is not clear regarding oil trade with Russia after Indo-Russian oil trade, finance minister did not clearly confess to buy oil rather put the responsibility of decision on previous government by saying    “the previous government wrote a letter to the Russian Federation. The letter was not responded to. Russia has not offered us any oil and is now under sanctions right now.” Reacting to Ismail’s interview former human rights minister correct him that no sanctions from U.S. against Pakistan to buy Russian oil. It is clear that Pakistan is in dire need of cheaper oil, opposition and government authorities including business community and people of Pakistan will welcome this decision. Russian invasion in Ukraine resulted EU ban on Russian crude oil imports and decreased ratio of imports aiming to halt 90% of Russia’s crude imports into the 27-nation bloc by year-end. While Europe is destination of almost half of Russia’s crude oil export it is in economic interest of Russia and Pakistan as well. If economic crisis persists and western aid is not enough to run state affairs and to give relief to general public Pakistan will be out of options of not trading with Russia.

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