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Expert urges govt. to take urgent and decisive action to safeguard country’s ownership over Afanasy Nikitin Seamount

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YN Jayarathna and Location of the Afanasy Nikitin Seamount.Pic courtesy Eurasia Review

By Rathindra Kuruwita

The International Seabed Authority (ISBA) does not have the authority to permit India to explore the Afanasy Nikitin Seamount, Rear Admiral (retd.) Y. N. Jayarathna, former Chief Hydrographer and former Deputy Chief of Staff of the Navy, says.

According to Jayarathna, Sri Lanka’s claim to this area, established in 2009, should be upheld.

Speaking to The Island, yesterday, Jayaratne urged the Sri Lankan government to take immediate and decisive action to safeguard the nation’s oceanic resources. Pointing out that everything in the country from agricultural to energy was heavily reliant on the sea, he called for greater attention from Sri Lankan political leaders to these vital resources.

Jayarathna made these remarks in response to the controversy surrounding India’s bid to conduct research at the Afanasy Nikitin Seamount, which Sri Lanka claims as part of its continental shelf. The Afanasy Nikitin Seamount is a vast undersea mountain range stretching 400 km long and 150 kilometers wide, situated in the equatorial Indian Ocean. There is speculation that the area may hold deposits of cobalt worth up to USD 80 billion.

“Seamounts are formed when two oceanic plates collide, causing magma to rise from the descending plate and resulting in eruptions that can create seamounts and islands. These seamounts are rich in minerals with significant economic value. Therefore, asserting sovereignty over the seabed is crucial,” Jayaratne explained.

Jayarathna noted that the Afanasy Nikitin Seamount had been discovered by Soviet researchers in 1959 during the International Indian Ocean Expedition. This large-scale, multinational hydrographic survey of the Indian Ocean ran from September 1, 1959, to December 31, 1965, and was aimed at understanding the fundamental features of the ocean.

“If a country discovers something while exploring the ocean floor, it has the right to name it. The Soviets chose to name the seamount after a Russian explorer who was one of the first Europeans to travel to and document his visit to India,” he said.

“No one can conduct explorations or expeditions in the Indian Ocean, particularly in the Northern region, without considering Sri Lanka,” Jayaratne said, adding that Sri Lanka could participate in those explorations.

“Other countries are investing in the exploration of the Indian Ocean floor, which is why research vessels spend months in the region. It would be beneficial for us to be involved in these expeditions, as it would allow our researchers to gain exposure to new technologies, methodologies, and invaluable experience,” Jayaratne added. He said that marine science research and resource identification of the seabed were closely linked, and that exploration in the Indian Ocean is now influenced by geopolitics.

“Sri Lanka ratified the United Nations Convention on the Law of the Sea (UNCLOS) in July 1994. Out of the 183 countries that signed the agreement, 169 have ratified it. Sri Lankan top diplomat Shirley Amerasinghe was a key leader in the negotiations to draft UNCLOS,” Jayarathna noted.

While drafting UNCLOS, Amerasinghe recognised that the provisions on the delimitation of the continental shelf in Article 76 of the draft convention could potentially lead to unfair outcomes for Sri Lanka’s continental shelf. To address this, Sri Lanka successfully negotiated a fair solution, which is now reflected in the “Statement of Understanding concerning a specific method to be used in establishing the outer edge of the continental margin” (SoU). This statement was adopted by consensus during the 141st Plenary Meeting of the Conference on August 29, 1980, and is referenced in paragraph 3(1)(a) of Annex II (Commission on the Limits of the Continental Shelf) of the 1982 UNCLOS.

“Building on this, we submitted our claims for an extended Continental Shelf in 2009, which includes the Afanasy Nikitin Seamount. However, in recent years, regional powers have been attempting to encroach upon these claimed areas,” Jayaratne said, noting that the United Nations Commission on the Limits of the Continental Shelf (CLCS) and the International Seabed Authority (ISBA) had been established under UNCLOS. The ISBA oversees ocean floor areas that are not recognised as belonging to any specific country.

“Countries with the necessary technology can apply to the ISBA for permission to explore these areas. When submitting an application, a deposit is required. In March 2024, India followed this process by placing a $500,000 deposit with the ISBA and requesting permission to explore the Afanasy Nikitin Seamount for 15 years. However, since Sri Lanka has claimed this area, the ISBA does not have the authority to grant India permission to explore it,” he said.

Jayarathna noted that only a few countries had the capability to excavate minerals from the ocean floor due to the high costs involved. India’s request for exploration was driven by geopolitical motives, he added.

“We are aware that Chinese ships are exploring various parts of the Indian Ocean floor. If they were to discover a new feature and name it after a Chinese explorer, India wouldn’t like this,” he said.

Jayaratne emphasised that Sri Lanka must respond promptly to these developments. Although Sri Lanka may lack the technology and financial resources to compete with major players in the Indian Ocean, it could still serve as a visionary leader in this arena.



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Advisory for Heavy Rain issued for the Central, Uva and Sabaragamuwa provinces and in the Ampara, Batticaloa and Polonnaruwa districts

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Advisory for Heavy Rain Issued by the Natural Hazards Early Warning Centre at 12.00 noon on 21 February 2026 valid for the period until 08.30 a.m. 22 February 2026

Due to the low level atmospheric disturbance in the vicinity of Sri Lanka, Heavy showers above 100 mm are likely at some places in the Central, Uva and Sabaragamuwa provinces and in the Ampara, Batticaloa and Polonnaruwa districts and fairly heavy showers  above 75 mm are likely at some places elsewhere.

Therefore, the general public is advised to take adequate precautions to minimize damages caused by heavy rain, strong winds and lightning during thundershowers.

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Ravi demands full disclosure on Lanka’s usable reserves, flags forex leakages

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Ravi

Opposition MP Ravi Karunanayake on Wednesday called for an urgent government statement to Parliament on the integrity and usability of Sri Lanka’s Gross Official Reserves (GOR), raising concerns over foreign exchange leakages and regulatory consistency under the Foreign Exchange Act No. 12 of 2017.

Raising the issue under Standing Order 27 (i), Karunanayake urged the Government to provide a comprehensive disclosure on the composition, encumbrances and deployability of the country’s reserves, as well as on the Central Bank’s oversight of foreign currency transactions.

“Reserve credibility depends not merely on headline numbers, but on transparency, enforceability and consistency in regulation,” the MP told the House.

He sought clarification on the latest reported GOR figure and the net usable reserves after excluding encumbered assets, swaps and pledged balances. He also requested details of annual revenue earned on reserves from 2023 to 2025.

Following are the questions raised by MP Karunanayake:

1. What is the latest reported GOR figure, and what is the net usable reserve after excluding encumbered assets, swaps, and pledged balances? What is the revenue earned on are GOR 23-25 per year?

2. Provide a separate and detailed breakdown of GOR, including: (a) Monetary gold (quantity and valuation basis) is it real gold or gold paper? (b) Foreign currency assets by major currency and instrument; (c) SDR holdings; (d) IMF reserve position; (e) Foreign currency swaps, specifying counterparty type, principal amount, tenure, maturity profile, and all-in cost; (f) Domestic swaps, specifying amount, tenure, rollover terms, collateralisation, and effective cost.

3. Of the total reserves reported, how much is encumbered, swap-backed, or otherwise not immediately deployable for debt servicing or currency stabilisation?

4. What SLR spread, fee, or margin does the Central bank apply when buying or selling USD to the Government for reserve accumulation and external debt servicing and what total profit or gain has the C.bank realised from such transactions during the past three financial years? Advice per year.

5. Is the Central Bank subject to continuous and statutory audit by the Auditor General? If so, will the Government table the most recent audit report, specifying audit scope, sample size, reserve confirmations, swap verification and gold custody validation?

6. What triggered the recent circular warning domestic institutions on foreign currency transactions?

7. Has the C.bank quantified foreign exchange and tax revenue losses resulting from Sri Lanka-based businesses routing credit card and commercial payments through overseas payment gateways?

8. If domestic entities are regulated strictly, why has a binding circular not been issued against noncompliant business entities using foreign payment gateway arrangements that divert foreign exchange outside Sri Lanka’s regulated banking system?

The government asked for two weeks’ time to respond to the queries.

by Saman Indrajith

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Sajith exposes highly questionable coal imports from South Africa in 25 vessels; calls for independent probe

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Sajith

Opposition Leader Sajith Premadasa yesterday alleged in Parliament that eight recently imported coal shipments were substandard and called for an independent probe into the matter.Speaking in the House, Premadasa said Sri Lanka typically requires 36–38 coal shipments annually. While 11 Russian shipments received so far had raised no concerns, he claimed that 25 vessels ordered from South Africa under a new tender were facing quality issues.

He cited combustion reports from the Norochcholai Coal Power Plant showing that the eight shipments already received under the new tender failed to generate the expected 300 megawatts per unit. According to the MP, the outputs were: 285 MW, 290 MW, 260 MW, 295 MW, 285 MW, 270 MW, 275 MW, and 255 MW.

“These are scientific data generated automatically through boiler combustion reports that cannot be altered,” Premadasa said, asserting that the figures indicate the coal supplied was below required standards.

He warned that low-quality coal could increase fuel consumption, raise operational costs, and damage equipment. Any shortfall in power generation, he said, would necessitate additional coal imports or greater reliance on diesel power, ultimately driving up electricity tariffs for consumers.

“The loss will have to be borne by the electricity consumer,” Premadasa said, urging the government to clarify whether the shipments met required specifications.

He also criticized delays and changes in tender requirements, alleging that supplier eligibility criteria had been relaxed to allow non-standard providers.

by Saman Indrajith

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