Islamabad (TDI): Russian Ambassador Albert P. Khorev said on Thursday that Moscow and Islamabad are exploring alternative banking mechanisms to reduce reliance on Western payment systems.
The ambassador noted that payments between the two countries have long faced obstacles, with US and EU sanctions previously disrupting projects such as the Pak Stream Gas Pipeline.
“We are working with Pakistan to identify payment alternatives to lessen dependence on Western channels,” he said during a press briefing.
On bilateral cooperation, Khorev highlighted progress in trade and energy initiatives. He confirmed that Pakistan and Russia have signed a memorandum of understanding for the revival of Pakistan Steel Mills (PSM), stressing, “We are determined to revive it.”
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Experts note that Russia, which helped establish the mill originally, could again provide technical and strategic support. Khorev also mentioned the successful meeting of the Pakistan-Russia Inter-Governmental Commission in Islamabad and underscored efforts to enhance people-to-people and cultural ties, including the unveiling of a monument to Yuri Gagarin at Fatima Jinnah Park.
On regional diplomacy, the ambassador said Russia is open to mediating between Pakistan and India if both sides agree, though he emphasized that the Kashmir issue should be resolved directly between the two countries without third-party involvement.
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Finally, Khorev welcomed Pakistan’s efforts to strengthen regional connectivity with Central Asia, calling it a step that would also bolster Russia-Pakistan relations.
He praised Islamabad’s neutral stance on the Ukraine crisis, noting Pakistan’s preference for addressing issues through diplomatic channels.
