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Sri Lanka makes partial payment of US $ 35 mn towards Iran oil debt

April 29, Colombo (LNW): Sri Lanka has made a partial payment of US $ 35 million out of the total debt of US $ 250 million owed to Iran for oil purchases made in 2012, a report by Daily Mirror said quoting an official.

The delay in payment was initially due to sanctions imposed on Iran.

Subsequently, the Sri Lankan government decided to address the outstanding dues through a barter agreement involving tea in exchange for oil.

A source familiar with the matter revealed that as of the end of February, Sri Lanka had successfully settled US $ 35 million of the owed amount, with an additional US $ 10 million slated for imminent settlement.

Although the tea-for-oil arrangement was formalised in December 2021, the export process encountered delays attributed to the prevailing economic challenges in the country.

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