Pakistan, Dec. 12 -- Russia and Pakistan are exploring alternative banking and payment mechanisms to reduce reliance on Western financial networks. Russian Ambassador Albert P. Khorev said sanctions have long hindered transactions and stalled projects, including the Pak Stream Gas Pipeline. Both countries are developing a roadmap to resolve these challenges and ensure smoother bilateral cooperation.

Khorev highlighted that Russia and Pakistan are cooperating closely in trade and energy sectors. He noted a memorandum of understanding had been signed for the revival of Pakistan Steel Mills. Both sides are examining banking arrangements to facilitate payments and support ongoing projects despite sanctions-related obstacles.

The ambassador ...