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Wednesday July 6th, 2022

Sri Lanka in talks with Russia for oil imports: Minister

ECONOMYNEXT – Sri Lanka has held discussions with many countries including Russia to import oil, Power and Energy Minister Kanchana Wijesekera said as the country reels from forex shortages due to money printed by an intermediate regime central bank.

“Some people suggested that we talk to Russia,” Minister Wijesekera told parliament.

“We also started discussions (with Russia). We taken all the proposals made into consideration.”

Though there are no specific sanctions on petroleum products so far, Western nations have called on Sri Lanka to vocally support Ukraine over Russia.

Sri Lanka is unable to pay for oil and key imports due to money printed by the country’s economists to keep interest rates down and maintain an unstable soft-pegged exchange rate regime.

Sri Lanka is now importing oil and other essentials by getting into debt, after the central bank scuttled the ability to buy dollars with rupees (made the peg dysfunctional). (Colombo/May06/2022)

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