Oct 22, 2018, 12:59 PM
News Code: 83074477
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Sri Lanka seeks waiver on Iranian oil imports: Paper

New Delhi, Oct 22, IRNA - Sri Lanka is seeking ways to confront the US sanctions against Iran in a bid to continue its oil imports from the Islamic Republic, a leading Indian newspaper reported.

Sri Lanka has sought advice from India over its strategy on purchasing oil from Iran in the light of tightening US sanctions during bilateral talks, the 'New Indian Experss' wrote on its website on Sunday.

The paper said that according to a statement published by the office of Sri Lanka's Prime Minister Ranil Wickremesinghe, the country's Petroleum Minister Arjuna Ranatunga has sought information on how India will act in the case of tighter sanctions from Indian External Affairs Minister Sushma Swaraj.

The US has unilaterally withdrawn from the 2015 nuclear deal with Iran, formally known as the Joint Comprehensive Plan of Action (JCPOA), and is set to reimpose the second wave of fresh sanctions on the country on November 4.

Based on the statement, Swaraj had explained India's strategy on Iran and has said Sri Lanka could also follow the process and promised further information.

India along with Sri Lanka is part of a the Asian Clearing Union, a kind of net settlement system set up by a group of countries with central banks with inconsistent policy that operates failing soft-pegs with the US dollar and therefore have persistent foreign exchange shortages.

Sri Lanka's ageing state-run refinery, originally built by the Soviet Union, works best with Iranian light crude, with other heavier crudes not generating enough light distillates.

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