Malaysia to import Russian oil only if trade rules allow

Prime Minister Anwar Ibrahim’s state visit to Russia in June secured new energy commitments, with Moscow assuring Malaysia of supplies of petrol, oil and gas. (EPA Images pic)

SINGAPORE: Malaysia will only import oil from Russia if it is “acceptable from an international trading basis”, Second Finance Minister Amir Hamzah Azizan said at the Reuters NEXT Asia conference in Singapore on Thursday.

Prime Minister Anwar Ibrahim’s state visit to Russia and Turkmenistan in June yielded new energy commitments, according to state media Bernama.

Russia assured Malaysia supplies of petrol, oil, and gas, while in Turkmenistan, Malaysia’s state-owned energy firm Petronas signed several new agreements, including collaborations with state companies Turkmennebit and Hazarnebit, to strengthen its presence in the Caspian Sea and expand its upstream portfolio.

Malaysia continues to maintain trade and diplomatic relations with Russia and is not part of the Western sanctions imposed on the country.