Sri Lanka has reportedly decided to purchase fuel, gas, coal, and fertilizer from Russia through a government-to-government arrangement.
This move is expected to take place under a special “waiver” (permission) granted by the US Treasury for Russian fuel-related transactions, which remains valid until May 16, 2026.
Accordingly, the Sri Lankan Embassy in Russia has been instructed to expedite discussions with the relevant companies and proceed with placing purchase orders.
Foreign Affairs Minister Vijitha Herath stated that this opportunity would enable Sri Lanka to obtain oil, fertilizer, and coal at concessional prices lower than the current international market rates.
The Minister further noted that although discussions had previously taken place regarding purchases from Russia, the transactions could not be finalized due to time constraints.
The US Treasury Department has now extended the “waiver” once again, allowing Russian oil transactions until May 16. This is widely seen as a measure aimed at easing the rise in global energy prices triggered by the US-Iran conflict.
Meanwhile, the Russian Health Minister is scheduled to visit Sri Lanka on May 4, while Sri Lanka’s Health Minister is expected to visit Russia in mid-May.
With Sri Lanka continuing to face higher fuel import costs due to rising international market prices and increasing insurance charges, analysts say this latest development offers the country an alternative option.
