This is CBS High on the World. I'm John Bachelors.

Reuters, Pakistan, Pakistan paid for its first government to government import of Russian

crude in Chinese currency. The South Asian country's petroleum minister said, a significant

shift in the US dollar denominated, export payments policy. The first cargo of discounted Russian

crude oil under a new deal struck between Islamabad and Moscow, arrived in Karachi in these

last hours. Now, help me understand the significance of this change of direction by Pakistan for

the source of its energy. I welcome Hsena Kani, former ambassador to the United States

from Pakistan, now at the Hudson Institute. Hsena, very good day for you. We understand

that Pakistan has had serial natural catastrophes over this last year, flooding food and securities

in doubt. Now, there are more disasters all the time. However, this looks to be a deliberate

policy, either to alay the doubts about Pakistan's government's ability to manage the economy,

or because China has offered a better deal. How to regard this news? Good evening to you.

It is very much a business deal. Let us be real about it. A country like India, which is a very close

partner of the United States, has refused to respond to American demonstrations about acquiring

Russian oil. A Russian oil is cheaper. It's easier to buy right now because you don't necessarily

have to pay in hard currency like US dollars. Pakistan is right now deficient in hard currency.

It has been trying to negotiate another installment of a loan from the International Monetary Fund

where the United States does have considerable influence, but that has not gone through.

So from Pakistan's point of view, this is not a political decision. It is an economic decision.

There will be those who will say, ah, Pakistan, long time, I'm American partner, has had a good

relationship with China, but has always wanted to maintain relations with the West as well.

It's doing something unusual and different, but it's not really that unusual if you see what

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