Monthly payments of 'tea': How Sri Lanka plans to settle $251 million oil import dues to Iran

Sri Lanka has decided to settle oil import dues to Iran by sending $5 million worth of tea each month.

Sri Lanka plans to settle $251 million in oil import dues owed to Iran by bartering tea, a Sri Lankan minister said on Wednesday, amid dwindling foreign reserves.

Plantations Minister Ramesh Pathirana told Reuters he aimed to start sending tea to Iran from January. "We hope to send $5 million worth of tea each month to repay Iran for oil purchases pending since the last four years," he said.