"In our interconnected world ... any economic downturn affects everyone. When a major country like Russia is unable to export oil, it impacts global oil markets. It is natural that such geopolitical situations affect regional countries, and Pakistan is no exception," Mumtaz Zahra Baloch said.
The West piled sanctions on Russia after it launched a special military operation in Ukraine in February 2022. The European Union stopped importing Russian seaborne oil, while the G7, Australia, and the EU imposed a price cap of $60 per barrel on Russian oil transported by sea. In response, Russian President Vladimir Putin banned the sale of oil to foreign entities if their contracts included a price cap mechanism.
Curbs on oil exports pushed up energy, fuel and food prices in Europe, the United States and beyond. President Putin said in May that the sanctions had dealt a serious blow to the global economy, worsening living conditions for millions.