Sri Lanka, March 5 -- Sri Lanka's tea exporters are facing fresh uncertainty as regional conflict disrupts shipping routes to the Middle East while Iran's currency crisis and banking restrictions continue to complicate the country's tea-for-oil barter trade with Tehran.Sri Lanka travel
Since August 2023, Sri Lanka has been supplying tea to Iran under the 'Tea-for-Oil' barter deal to settle the US$ 251 million debt owed to the Iran Oil Company by the Ceylon Petroleum Corporation (CPC).
Speaking to the Daily News on Tuesday (3), the Tea Exporter's Association said sanctions on Iranian banks prevent fund transfers between local and Iranian banks for tea exports.
"Iranian buyers pay for tea in local currency to the Iran Oil Company and Sri L...