Sri Lanka has announced plans to send tea to Iran to settle its debt for past oil imports. The barter will help the South Asian country avoid US sanctions for trading with Tehran and save its dwindling foreign currency reserves.
Representatives from the two countries signed a memorandum of agreement affirming that Sri Lanka will clear $251 million in oil import dues to Iran by exporting tea, according to Ramesh Pathirana, head of Sri Lanka’s plantation ministry.
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