Pakistan’s finance minister said on Wednesday that his country was “actively considering” the option of importing oil from Russia on the pattern of India to offset the raging prices of fuel in the country.

“I have sounded my intention about buying oil from Russia during my visit to the US and no opposition was expressed,” Ishaq Dar told media, without elaborating with whom he discussed the idea.

“Pakistan is actively considering buying oil from Russia but it should be at a price which is lower or at par with India,” Dar said, adding that if India was buying oil then why Pakistan should be stopped from the same facility.

Dar was interacting with the media after addressing a conference organised by the Chartered Accountants of Pakistan. He has just returned from the US where he held detailed talks with multilateral donors and organisations with the focus on the Pakistan economy.

The US and European nations have imposed crippling sanctions on Russia since Moscow invaded Ukraine on February 24. India has raised oil imports from Russia after the Ukraine war despite criticism from the West and continues to engage with Moscow for business.

Earlier, addressing the conference, Dar said Pakistan needed about USD 34 billion to pay its obligations, including about USD 24 billion for paying off debts during the current year but he promised that he would meet the challenge.

He rejected the fear of Pakistan failing to fulfil its international obligations, saying the threat of default was over and the country was well poised to discharge its responsibilities. “There is no need to panic as I have already said that we will meet our commitments,” he said.

The finance minister also said that Pakistan would not go to the Paris Club to seek rescheduling of USD 27 billion debt.

He said the government is taking measures to stabilise the economy, which has been badly affected by the recent floods. He stressed that political stability was vital for promotion of investment and everyone would have to agree on the Charter of Economy.

(With PTI inputs)