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Sri Lanka sees potential BRICS membership as strategically appealing, Prime Minister Harini Amarasuriya has stated. She sees the bloc as a platform to spur its economic growth, saying, “We are a small country. If we want to meet the targets we have set for ourselves in terms of economic growth, then we need to expand our markets. Sri Lanka needs to grow beyond its borders. For that, we need strong collaboration, stability, and cooperation in the region.”
The prime minister said BRICS is part of Sri Lanka’s “strategy of strengthening regional and global partnerships,” adding that “our foreign policy in general is about collaboration, multilateralism, and strong cooperation, globally and especially regionally.”
Nearby India currently holds the BRICS presidency, with the next BRICS annual summit due to be held in September, probably in Delhi. India is Sri Lanka’s largest trade partner. It is possible that Sri Lanka could be granted ‘BRICS partner’ status at that event.
Sri Lanka has also been discussing the purchase of Russian oil, with Amarasuriya saying, “Each country has the freedom and the right to take sovereign decisions regarding its energy policy and requirements. Sri Lanka will also look for the best options available that it can give its people.”
Sri Lanka has recently endured a financial crisis, which peaked in 2022, as acute shortages of fuel, food, and medicine spurred massive protests that ousted the government. The International Monetary Fund (IMF) approved a US$2.9 billion four-year bailout program for the country in 2023. The IMF said in March last year that Sri Lanka had made a remarkable recovery from the crisis.
Currently, Russia-Sri Lanka trade turnover amounts to US$627 million, with Sri Lanka exporting approximately US$177 million worth of goods to Russia and importing about US$550 million. The relationship is expanding beyond traditional goods like tea and wheat into strategic sectors such as energy, airport management, and gemstones, and the two countries have set a bilateral target of US$2.5 billion by 2030. According to the Sri Lankan Ministry of Tourism, in 2025 Russia entered the top five countries in terms of tourist flows to the island.
Sri Lanka’s multilateral trade with BRICS is estimated to be worth about US$12-14 billion, with the bulk of this being with China and India. Both are significant investors in Sri Lanka.
