Sri Lanka has decided to procure oil, gas, coal, and fertiliser from Russia on a government-to-government basis, utilising a waiver granted by the United States Department of the Treasury that permits fuel transactions until May 16.
Accordingly, the Sri Lankan Embassy in Russia has been instructed to expedite negotiations with relevant companies to place orders.
Foreign Minister Vijitha Herath stated that this arrangement will allow Sri Lanka to purchase essential commodities at concessional prices compared to current global market rates.
He noted that although discussions on sourcing supplies from Russia had taken place earlier, transactions could not be completed due to time constraints.
The U.S. Treasury recently renewed the waiver until May 16, 2026, with the aim of stabilising global energy prices amid the ongoing tensions involving Iran.
Meanwhile, diplomatic engagement between the two countries is expected to continue, with Russia’s Health Minister scheduled to visit Sri Lanka on May 4, while Sri Lanka’s Health Minister is expected to visit Russia in mid-May.
The move comes as Sri Lanka continues to face high fuel import costs, driven by rising global prices and increased insurance premiums.
