A dedicated payment infrastructure and a branch of a Russian bank in Dhaka may be among proposals, per local reports
Russia has reportedly proposed a mechanism for settling trade with Bangladesh in Indian rupees to bypass US sanctions and facilitate payments for the Rooppur Nuclear Power Plant, local media has reported.
Dhaka has been unable to make the loan repayments for the Russian-financed plant due to US sanctions on Russian banks.
Moscow’s proposals to overcome the disruption in payment are likely to be discussed at bilateral talks to be held later this year, Bangladesh media reported, citing unnamed officials in Dhaka’s Economic Relations Division (ERD).
RT sources have not confirmed the reports, but they acknowledged that the issue of making payments for the Rooppur nuclear power project remains unresolved.
Bangladesh media also reported that Moscow has proposed establishing a bilateral payment infrastructure and renewed its proposal to open a local branch of a Russian bank.
However, RT sources pointed out that, excluding the nuclear power plant, trade between Moscow and Dhaka is too limited to justify building a mechanism for making national-currency payments from scratch.
Read more Bangladesh enters nuclear era with Russian-built power project (VIDEO)The estimated cost of the two-reactor 2,400 MW-plant is about $13 billion, with Russia providing a government loan covering 90% of the amount. Russia has also taken on long‑term obligations to supply nuclear fuel, perform technical maintenance, and manage spent nuclear fuel.
The plant’s first reactor is expected to begin commercial operation next month, with an initial supply of about 300 megawatts.
Part of India and Russia’s bilateral trade is settled in Indian rupees. Dhaka also reportedly trades with New Delhi in Indian rupees, along with the US dollar and other foreign currencies.
Dhaka exported goods worth $245 million to Russia during the July-May period of the current fiscal year, data provided by the Export Promotion Bureau of Bangladesh showed.
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