The West last year introduced a raft of sanctions against Russia and state companies over Moscow's actions in Ukraine. Gazprom's gas exports, a key source of revenue, have not been directly sanctioned, but export volumes almost halved last year to 101 billion cubic metres.

The credit line, part of about $4 billion in emergency assistance extended by India during the peak of Sri Lanka's financial crisis early last year, was scheduled to end in March.

Billionaire investor Warren Buffett’s Berkshire Hathaway hosted its annual shareholder meeting on Saturday. During the shareholder meeting, Buffett, 92, who is Berkshire's chairman and chief executive, and Charlie Munger, 99, a vice chairman, answered five hours of questions. Vice Chairman Greg Abel, 60, who would become CEO if Buffett were no longer in charge, and Vice Chairman Ajit Jain, 71, also took some questions. Earlier, Warren Buffett’s company said its first-quarter profits soared along with the paper value of its investment portfolio. Catch LIVE updates on Berkshire Hathaway annual shareholders meeting here:

Vice on Monday said that it has agreed to sell its assets to a consortium of lenders — Fortress Investment Group, Soros Fund Management and Monroe Capital — in exchange for $225 million in credit. Other parties will also be able to submit bids.