ST.PETERSBURG (Pakistan Point News / Sputnik - 11th November, 2022) The Pakistani trade mission in Russia had sent a proposal to the Russian Trade Ministry to reach a Currency swap pact that would allow both countries to trade in their national currencies and is waiting for the decision of the Russian side, the head of the mission, Muhammad Shaukat Hayat told Sputnik on Friday.
"I initiated this proposal and sent an official letter to the respective Russian ministry with regard to a currency swap pact. The ball is in the Russian court now. We are waiting for their response. It can be any mechanism: trading in rubles or barter trade," he said.
Talks on shifting to commodity trade in domestic currencies are already underway between Russia and India, China, Iran and Turkey.
Russia has reached out to partner countries in recent years in a bid to conduct bilateral trade in national currencies. Financial curbs imposed on it after the start of the Ukraine military operation added a new impetus to these efforts as Russia seeks to ditch the US Dollar.�
