Sri Lanka starts settlement of US 250 million due to Iran for oil purchases

By Kelum Bandara  

Sri Lanka has started the settlement of US $ 250 million to Iran for previous oil purchases by supplying tea valued US $ 5 million per month since monetary transactions are impossible under the US sanctions imposed on that country, Daily Mirror learns.  

The first barter transaction, in the settlement of this payment, took place last Friday. Sri Lanka has done it since it is now seeking to revive its tea market in Iran, which suffered in recent years. The Ceylon Petroleum Corporation(CPC) will make payment to the relevant tea supplier here in this instance.