Pakistan-Russia Barter Trade To Reduce Dependence On US Dollar - Commerce Minister

Barter trade between Pakistan and Russia will reduce both countries' dependence on foreign currencies, including the US dollar and the euro, Pakistan's Commerce Minister Syed Naveed Qamar told Sputnik on Wednesday

ISLAMABAD (UrduPoint News / Sputnik - 22nd June, 2023) Barter trade between Pakistan and Russia will reduce both countries' dependence on foreign currencies, including the US dollar and the euro, Pakistan's Commerce Minister Syed Naveed Qamar told Sputnik on Wednesday.

Pakistan has initiated a barter business agreement with the countries that have difficulties using regular banking systems, including Afghanistan, Iran and Russia, he said.

The minister emphasized that barter trade is essential for solving difficulties in financial transactions.

Qamar added that the transactions with Russia via SWIFT have become difficult due to the Russia sanctions and have harmed the trade between the two countries.

That was the reason why Pakistan had approved the initiative, he said, adding that barter trade reduces dependency on any foreign currency, not only the US dollar or euro.�

In 2022, the Russian financial sector faced severe issues against the backdrop of the military operation in Ukraine. Western nations and their allies have responded with comprehensive sanctions, including SWIFT cutoff for select banks, restrictions on the Russian central bank, export control measures, and asset freezes.