"Russia is a huge market. We are very much interested to enhance our trade links and that of maritime links also. But you see, in the country's economy, it takes time and it will be gradually," Sheikh said.
Pakistan is currently working to complete the China-Pakistan Economic Corridor (CPEC), which is part of Beijing's Belt and Road Initiative and will be instrumental in transit trade between China, Pakistan, Afghanistan, Central Asia and Russia, the minister said, adding that this route was expected to become operational within two to three years.
Furthermore, additional facilities are under construction in Pakistan's ports of Gwadar and Karachi, which is attracting the attention of some Central Asian countries for transit trade as well, he said.
"Gwadar is a deep-sea port and is a very good route for Central Asian countries and Russia even to South China ... [Central Asian states] are now taking some interest also in Karachi port. Recently, a ship vessel of containers for Central Asian countries has been unloaded at Karachi very recently last week. Some Central Asian countries are now seeing Karachi port as their transit up to Central Asian countries. Of course, when the Gwadar road link will be completed, it will be more economical and more convenient," Sheikh said.
He added that Pakistan had not faced any sanctions for trading with Russia.
Pakistan is not planning to be in any political blocs, but has recently applied to join BRICS and is expecting an invitation to the BRICS summit in Russia's Kazan in October, Sheikh said.