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No chance of getting fuel from Russia!

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It is reported that there is no chance to obtain fuel from Russia due to trade complications arising from the SWIFT ban on Russia.

Usually, the Central Bank of Sri Lanka uses the SWIFT platform to import fuel.

However, following the Ukraine invasion, Russian banks were cut off from the SWIFT system.

Meanwhile, former deputy governor of the CBSL - W.A. Wijewardena has said that due to this situation, it is difficult to implement alternative options for importing fuel from Russia to Sri Lanka.

It is also reported that Sri Lanka is not able to make payments for fuel using the Russian currency 'Ruble' due to the deficit between imports and exports between the two countries.

Former Deputy Governor of CBSL - Mr. W.A. Wijewardena points out that it is difficult to implement the existing options for importing fuel from Russia to Sri Lanka.

He has further said:

"If necessary, you can go to an alternative situation like paying in roubles. There we can get rubles for our tea and deposit them in a Russian bank account and pay for fuel through that. But the amount of payments we have to do in exchange for Russian imports exceeds the amount we earn from tea. Therefore, this way is also not practical due to the trade deficit.

Also, if necessary, we can make payments for fuel through a country like China, which deals with Russia in other ways. But China should be involved in it, he has added.

(Source : Aruna)

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