Despite sanctions, CPC wants to buy oil from Russia

Sri Lanka is looking into the possibility of buying fuel from Russia in a fresh bid to keep its import bill low, officials said.

On a proposal of the Ceylon Petroleum Corporation (CPC), the Treasury has consulted the Ministry of Foreign Affairs to look into implication of sanctions imposed on Russia to go ahead with the purchase.

Foreign Affairs Ministry Secretary Jayanath Colombage confirmed to the Sunday Times that the Treasury had contacted the Ministry to look into the possibility of going ahead with the purchases.

The CPC has taken into consideration the possibility of buying fuel at a lower cost as Russia’s exports to some countries had been reduced due to the ongoing conflict between Russia and Ukraine.

A Treasury official said they would proceed with the proposal only after clearance from the Foreign Ministry was received. The move comes as Sri Lanka continued to face difficulties in meeting fuel import bills.