Sri Lanka has begun importing large quantities of oil from Russia in a sharp shift of suppliers that highlights how cash-strapped countries are increasingly taking advantage of price discounts created by western sanctions on Moscow.
Sri Lanka, which effectively ran out of fuel earlier this year due to a financial crisis, has since May sourced more than half of its crude from Russia, according to data from analytics providers Refinitiv and OilX. It is the first time Sri Lanka has imported Russian oil since at least 2013, according to data from research firm Kpler.
Analysts say Sri Lanka’s pivot to discounted Russian oil reflects a trend as inflation and a strong dollar force financially stressed countries to cut import costs.
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