SL,Iran explores oil trade expansions bypassing US sanctions

Colombo, Feb 22 (Daily Mirror) - Sri Lanka and Iran are exploring the possibility of expanding trade in oil bypassing the U.S. sanctions, an informed source said.  Iran is facing difficulties in trading goods after the US unleashed its “toughest ever” sanctions against that country over the nuclear deal.  

Iranian Foreign Affairs Minister Hossein Amir Abdollahian who was in Sri Lanka is reported to have discussed the matter with the Sri Lankan leaders during his interactions with them.  

An informed source familiar with what transpired during talks said some oil transactions take place through third parties, but the two decided to explore the possibility of expanding trade despite U.S. sanctions.  

An informed source familiar with what transpired during talks said some oil transactions take place through third parties, but the two decided to explore the possibility of expanding trade despite U.S. sanctions.  

Sri Lanka started bartering tea to Iran last year in lieu of $250 million owed for oil purchased earlier. Asked about the progress in this regard, the source said the transaction is well in progress at the moment. Earlier, the two sides also agreed on the need for the Central Banks of the two countries to be in contact to work out modalities.  

However, the source declined to elaborate on them. The Iranian Foreign Minister, who arrived on an invitation extended by Minister of Foreign Affairs Ali Sabry, was in Sri Lanka from February 19 to 21.