Western sanctions on several Russian banks have created uncertainty over transactions relating to the implementation of Bangladesh’s Rooppur nuclear power plant project.
A Russian bank that has come under sanction has reportedly asked Bangladesh authorities to hold up the transactions at the moment.
The Russian banks have been facing sanctions from the global payment gateway SWIFT (Society for Worldwide Interbank Financial Telecommunications).
The ban on transactions with the Russian banks would take effect on March 12.
An official of the concerned department of Bangladesh Bank was quoted by a Bangla daily as saying that soon after the Russian state development corporation VEB got the message of SWIFT's ban, it asked Bangladesh not to do financial transactions with the Russian banks named in the sanctions.
SWIFT's ban on Russian banks could jeopardise not only the Rooppur power project but also other commercial transactions with Russia, the official added.
Dhaka has agreed not to send any money to Russia since transactions could get stuck in SWIFT system, Foreign Secretary Masud Bin Momen said after meeting diplomats, businessmen, bankers and other stakeholders on Thursday to discuss the situation.
Russia is helping Bangladesh to build the Rooppur nuclear power plant, the largest single project in the country's history.
Russian atomic energy corporation ROSATOM is supervising the project from their end.
The construction of two units of 1,200 megawatts each in Rooppur will cost around Tk 1.14 trillion. Of which Tk 910 billion is coming from Russia as loan assistance.
In a statement issued on Tuesday in the wake of Western sanctions on Russia, ROSATOM said there was no worry over any possible disruptions in work schedule for the Rooppur plant.
SWIFT is affiliated with 11,000 banks and financial institutions in more than 200 countries around the world.
Arfan Ali, President and Managing Director, Bank Asia, told Prothom Alo that once the embargo comes into effect, transactions with Russia can be made through banks in other countries.
However, it will cost more, and risk will also increase.
[email protected]
