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Pakistan decides to settle $90.35m case with Russia

Pakistan decides to settle $90.35m case with Russia

ISLAMABAD: Pakistan would return $90.35 million to Russia as part of arrangements to settle a 39-year-old case involving the two countries.

Sources in Foreign Office said Moscow was willing to make huge investment in Steel Mills and Pakistan’s energy sector.

The sources further said the Russian government’s hands were tied due to some local laws which do not allow investment in a country with which Russia is engaged in litigation.

Sources added Pakistan’s Ambassador to Russia has been directed to strike a deal under which Islamabad would return the money within 90 days. They said both the countries had reached a consensus on the outstanding payments in October 2016. Sources added Russia intends to invest $8 billion in Pakistan.