Sri Lanka is bracing for what could be a major impact to the already unstable economy as a result of the crisis in Ukraine.<\/p>\n\n\n\n
Russia\u2019s military operation in Ukraine is expected to hit Sri Lanka\u2019s tourism sector as well as tea exports and the purchasing of oil.<\/p>\n\n\n\n
Foreign Secretary Admiral Jayanath Colombage said that the most number of tourists to Sri Lanka arrived from Russia and Ukraine in the recent past.<\/p>\n\n\n\n
He said that Sri Lanka is expecting arrivals from those countries to be affected as a result of the crisis in Ukraine.<\/p>\n\n\n\n
\u201cThat will have a major impact on us,\u201d the Foreign Secretary said at a virtual media briefing yesterday.<\/p>\n\n\n\n
Colombage also said that Sri Lanka will find it hard to sell its tea as a result of the crisis in Ukraine.<\/p>\n\n\n\n
Russia and Ukraine are among the key countries to which Sri Lanka exports tea.<\/p>\n\n\n\n
He also said that Sri Lanka will be compelled to pay more for oil and gas imported to the country.<\/p>\n\n\n\n
World oil prices have already shot up as a result of the situation in Ukraine and Sri Lanka will need more dollars to pay for the imports.<\/p>\n\n\n\n
\u201cWe will once again have to face a situation,\u201d the Foreign Secretary said with regards to the impact the crisis will have on the local economy.<\/p>\n\n\n\n
Meanwhile, Former Foreign Minister Rohitha Bogollagama said that sanctions imposed on Russia by the EU and proposed by other major trading nations may also affect Sri Lanka\u2019s trade ties with Russia.<\/p>\n\n\n\n
Bogollagama told Daily Mirror that Sri Lanka will be compelled to comply with any sanctions imposed by the EU or the US on Russia.<\/p>\n\n\n\n
He said that would then hurt Sri Lanka\u2019s economy as Russia is a major trading partner of Sri Lanka.<\/p>\n\n\n\n
Courtesy: Colombo Gazette<\/p>\n","protected":false},"excerpt":{"rendered":"
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