Pakistan paid 93.5 million US dollars to Russian companies in a bid to settle decades-old trade dispute between the two countries, the spokesperson of Pakistan's Commerce Ministry said on Wednesday.

Pakistan used to do import and export business with the Soviet Union, but the trade was suspended after the dissolution of the Soviet Union, leaving dues of some exporters uncleared by Pakistan, said the spokesperson Aisha Humera.

On the other hand, some Pakistani exporters also did not get money in the course of time, and now money has been delivered to both Pakistani and Russian businessmen, she added.

Pakistan and Russia's relations are seeing improvement in recent years, and Russia also showed interest in investing in different projects of the country. Some Russian private companies signed Memorandums of Understanding (MoUs) with Pakistan for investing in the power sector, she said.

The commerce ministry official hoped that after the settlement of the issue, the process of Russian investment in Pakistan will be quickened.