https://sputniknews.in/20230808/sri-lanka-to-begin-tea-shipments-to-iran-in-august-in-exchange-for-oil-3463388.html
Sri Lanka to Begin Tea Shipments to Iran in August in Exchange for Oil
Sri Lanka to Begin Tea Shipments to Iran in August in Exchange for Oil
Sputnik India
Sri Lanka will start shipping tea to Iran later in August as payback for $251 million worth of Iranian oil imported to the island nation back in 2012.
2023-08-08T16:25+0530
2023-08-08T16:25+0530
2023-08-08T16:25+0530
business & economy
barter trade
global oil production
oil exporters
oil supplies
sri lanka
iran
sanctions
western sanctions
dedollarisation
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The barter trade will be carried out in accordance with the agreement signed by Sri Lanka and Iran in 2021. It provides for monthly shipments of Sri Lankan tea (each shipment worth $5 million) over the course of four years tp pay for the Iranian crude received by Sri Lanka's Ceylon Petroleum Corporation (CPC) in 2012. Niraj de Mel, Chairman of Sri Lanka Transport Board (SLTB), revealed in an interview with Mirror Business that the practice of trading tea for oil will enable Sri Lanka to avoid dollar transactions.
https://sputniknews.in/20230721/india-launches-upi-digital-payments-system-in-sri-lanka-modi-says-3116138.html
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sri lanka trading tea for oil, sri lanka iran oil deal, sri lanka foreign reserves, sri lanka currency shortage, sri lanla crisis, iran sri lanka oil trade, tea for oil trade,
Sri Lanka to Begin Tea Shipments to Iran in August in Exchange for Oil
Sri Lanka will start shipping tea to Iran later in August as payback for $251 million worth of Iranian oil imported to the island nation back in 2012.
The barter trade will be carried out in accordance with the agreement signed by Sri Lanka and Iran in 2021. It provides for monthly shipments of Sri Lankan tea (each shipment worth $5 million) over the course of four years tp pay for the Iranian crude received by Sri Lanka's Ceylon Petroleum Corporation (CPC) in 2012.
Niraj de Mel, Chairman of Sri Lanka Transport Board (SLTB), revealed in an interview with Mirror Business that the practice of
trading tea for oil will enable Sri Lanka to
avoid dollar transactions.
Once the fifth-largest importer of Sri Lankan tea, Iran purchased $128 million worth of tea in 2018. However, due to American sanctions against Tehran, this figure dropped to $70 million in the past year.
