SATV, Kathmandu, Mar. 25 - Against the backdrop of disruptions to global oil supply, Sri Lanka expects to finalize an oil purchase deal with Russia next week, an official said.

Earlier, Minister of Foreign Affairs Vijitha Herath held discussions with Russian Ambassador Levan S. Dzhagaryan, on the possibility of purchasing Russian fuel to navigate the current energy crisis. After that, the Russian Embassy in Colombo forwarded Sri Lanka’s request to Moscow for consideration by the Russian authorities.

Ceylon Petroleum Corporation (CPC) Chairman D.J. Rajakaruna told Daily Mirror the matter is being discussed at the moment. He said that Sri Lanka expects to purchase both crude and refined products required for three months from Russia.

“We hope to make a final decision next week,” he said.

Russia has largely shifted its oil exports away from the US dollar, requiring payment primarily in Russian Roubles (RUB) or Chinese Yuan (RMB).

Asked how Sri Lanka will address it, Mr. Rajakaruna said, “Everything will be addressed next week.”

Earlier, Sri Lanka could not buy oil from Russia due to US sanctions.

The US has loosened sanctions preventing other countries buying Russian oil and petroleum already loaded on vessels at sea to try to ease the energy supply crunch sparked by the US-Israel war with Iran.

US Treasury Secretary Scott Bessent said the "short-term measure" was aimed at promoting "stability in global energy markets".

According to figures from the Centre for Research on Energy and Clean Air (CREA), Russia earned an additional 672 million euros ($777m) in oil sales in the first two weeks of the war on Iran, which began on February 28 when Israel and the US launched strikes on Tehran, killing Ayatollah Ali Khamenei and other senior Iranian officials, as reported by foreign media.