Pakistan Finally Settles Soviet-Era Russian Trade Debt Of US$93.5 Million

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Pakistan has paid US$93.5 million to Russian companies in a bid to settle a decades-old trade dispute between the two countries, Pakistan’s Commerce Ministry said this week.

Pakistan used to conduct import and export business with the Soviet Union, but the trade was suspended after the dissolution of the bloc, leaving debts of some Russian exporters uncleared by Pakistani importers, according to Ministry spokesperson Aisha Humera.

On the other hand, some Pakistani exporters also failed to receive due accounts from Russia, and now money has been delivered to both Pakistani and Russian businessmen, she added.

Pakistan and Russia’s relations are seeing improvement in recent years, and Russia also showed interest in investing in different projects of the country. Some Russian private companies signed Memorandums of Understanding (MoUs) with Pakistan for investing in the power industry.

Pakistans Commerce ministry stated that after the settlement of the issue, the process of Russian investment in Pakistan will be sped up.

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