Tag: lc

All banks refused to open LC for Russian crude oil import
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All banks refused to open LC for Russian crude oil import

Pakistani banks refused to open any letter of credit to allow the import of crude oil from Russia. This decision is based on the sanction on Russia and Ukraine imposed by UK and USA. Looking at fuel shortage and price, Russian crude oil might be our last option. All Pakistani commercial banks have refused to open letters of credit (LCs) for Russian-origin crude in the light of economic sanctions by the United States, United Kingdom, and European Union against Moscow for attacking Ukraine. Banks are saying Dollar cannot be a mode of payment for importing Russian crude oil. The oil industry group, comprising refineries and oil marketing companies (OMCs) wrote a letter to the State Bank Of Pakistan (SBP) to review this decision. They know the economic condition of the country is not ...