Moscow/IBNS: Russia has refused to sell crude oil to Pakistan at the rate at which it is sold to India by citing existing contracts with major buyers, media reports said on Saturday.

The development occurred during a recent meeting in Moscow between Russian officials and Pakistani representatives Musadik Malik, Minister of State (Petroleum division) and Capt (retd) Muhammad Mahmood, petroleum secretary, reports Times Now.

Economic Times reported that Moscow refused to give Pakistan the same at which it sells oil to India.

Russia's oil export to India has moved up following the war in Ukraine.

The report further added that India is now exploring options to become a hub for exporting Russian oil to Bangladesh, reports the Indian news channel.

Chabahar Port factor:

Further, in repercussions for the China-Pakistan Economic Corridor, Russia recently decided to back India’s Chabahar Port in Iran to boost regional connectivity in Eurasia, reports Times Now.

Interestingly, Russia has even agreed to invest in developing a logistics hub to increase transit capacity in Iran’s Shahid Rajaei and Chabahar ports in order to get access to the lucrative Indian and Southeast Asian markets.

In fact, Russia's entry into the crucial  Chabahar Port is likely to boost capacity at the port built by India.

India is lobbying to link the Chabahar Port with the International North-South Transport Corridor (INSTC) and Moscow wants to be a part of the initiative, reports Times Now.