Pakistani media quoted government sources as saying on May 6 that Pakistan may use the yuan to pay for crude oil imports from Russia, Russia Today TV reported on its website on May 6. The first batch of 750,000 barrels of crude oil is expected to dock in June at the earliest.

　　An official at Pakistan's energy ministry, who declined to be named, said the deal would be brokered by Chinese banks, according to the report.

　　The source reportedly did not provide details about the payment method or the exact discount Pakistan would receive, saying it would not be in the interest of either the buyer or seller to make such information public.

　　Other sources said Pakistan has agreed to pay $50 to $52 per barrel for oil, compared with the G-7 price cap of $60 per barrel for Russian oil.

　　Last December, the European Union, the G7 and their allies reportedly imposed a collective ban on Russian seaborne oil exports and set a price cap of $60 per barrel.

　　In January, Moscow and Islamabad reached a "conceptual" agreement on the supply of oil and petroleum products from Russia to Pakistan, the report said. The agreement is expected to help Pakistan, which is strapped for cash. Pakistan is facing a balance-of-payments crisis and very low foreign exchange reserves.