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Despite waiver, SL still can’t buy oil from Iran

The Ceylon Petroleum Company has stated that Sri Lanka still has not been able to obtain any crude oil from Iran, despite being granted a waiver from US sanctions.

Speaking to the Sunday Times Ceylon Petroleum Corporation Managing Director L.E. Susantha Silva said that despite the waiver, banks still refused to open letters of credit and insurance companies would not provide any cover for ships to transport the oil.

He further said that Sri Lankan banks were too afraid of being blacklisted by the US to risk opening up letters of credit.

His comments come after the United States announced they granted Sri Lanka a further waiver from sanctions against Iran as they reduce imports.

He said,

“After June (when the first waiver was granted), we had only one shipment from Iran,”

"The problem was that we couldn’t open letters of credit and there was no insurance; so ships couldn’t travel”.

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