Russia and Bangladesh were considering several alternatives, including barter trade, to SWIFT for continuing trade and transactions between the two countries.
"Last week the Embassy of Bangladesh in Moscow offered to consider the possibility of barter," Russian Ambassador in Dhaka Alexander Mantytskiy said on Thursday.
"The mechanism of trading in national currencies and in yuan is also under consideration. In addition, the issue of connecting banks to the Russian financial message transmission system is being studied, which will make it possible to bypass the SWIFT system."
Briefing the newsmen at the Russian embassy, Mr Mantytskiy said Moscow and Dhaka were in constant contact to devise ways and mechanisms that would ensure smooth continuation of our multifaceted cooperation.
He said the sanction [restricting Russia from using SWIFT] has created a unique opportunity for countries like Bangladesh to grab the Russian market as many Western companies were forced to leave the market.
"I'm sure, you are aware that due to politically motivated action, many Western companies have chosen to quit the Russian market and left a huge niche that can be filled by Bangladeshi companies and goods."
For example, he added, readymade garments, medical and pharmaceutical products have the potential. "Some of your agricultural crops are also welcome in Russia."
On the issue of price hike of commodities due to high prices of energy, he said that this is an inevitable process caused by those who imposed illegal sanctions on Russia, disrupted the logistics supply chain and caused great buzz on markets all over the world.
"As an example, the latest sanctions imposed on Russia and Belarus sent the global prices for fertilizer soaring to an all-time high. Our two countries are major exporters of potash, critical for the global agriculture industry."
Responding to a question, he said sanctions on Russia have not affected the implementation of the Rooppur Nuclear Power Plant (RNPP).
"The prospects of the RNPP project are understandably a matter of concern for Dhaka. Let me reassure you that the construction of the station is moving forward according to the mutually agreed schedule. It is carried out at the expense of the targeted state loan provided by the Russian government," the Ambassador said, adding that all settlements with contractors are conducted within the territory of Russia.
"The reactor vessel and steam generators are scheduled to be mounted by the end of the year. Construction of a training centre for the operational personnel of the RNPP is at its final stage. Active work is currently underway on the installation of the key thermal and mechanical, electrical equipment, and process pipelines. All operations are being carried out on schedule; the project will be implemented in accordance with previously approved plans."
Regarding the price hike of essentials due to the war, he said that another important issue for Bangladesh is the rise in the prices of wheat and energy.
"Let me say loud and clear that Russia fulfils its obligations in terms of supplies. The price increase in this country is associated with excessive demand caused by speculators and certain media, who sow panic among the population."
He observed that there is strong intention and there are capacities from both sides to overcome the consequences of these irrational waves of sanctions against Russia.
"I am convinced that in the near future, we will be able to offer viable and trustworthy mechanisms designed to ensure smooth implementation of G2G projects as well as unimpeded trade for businesspersons."
"I would like to respond to those who predict Russia's economic collapse and question the relevance of stronger cooperation between Russia and Bangladesh, between two friendly and brotherly countries, Russia will handle and solve economic problems. We have been facing difficulties at all stages in our history."
He assured that this time Russia will emerge from the crisis with a healthier mindset and mentality.
Asked about the extent of pressure Russia is facing due to the sanctions imposed by the West, the Ambassador said Russia and the Soviet Union have been under various sanctions throughout their existence.
"The first restrictions on the USSR were introduced back in 1918. At the same time, unfriendly steps never prevented Moscow from fulfilling its obligations."
Ironically, the impact of the anti-Russian sanctions, imposed over the Ukrainian conflict, is already being felt by the common people in the West -while the elites have been bizarrely trying to blame it on Moscow, Mr Mantytskiy explained .
"We will no longer have an illusion that the West can be a reliable partner who does not abandon anyone and its own values at the drop of a hat. Also, we will do everything in our power to never depend on the West in the areas of critical importance for our people."
Asked to comment on Bangladesh's voting at the UNGA emergency special session on the draft resolution regarding Russian offensive in Ukraine, the Ambassador said Russia highly appreciates Bangladesh's responsible and balanced attitude towards the said resolution.
"We express gratitude to the Bangladeshi side for its neutral position taken despite the enormous external pressure during the said voting," he added.
Responding to the allegation that Russia invaded Ukraine despite the US and its allies' long effort for a diplomatic solution, he said the US and its allies did nothing to prevent this conflict.
"Moreover, they added fuel to nurture pro-Nazi battalions by commissioning military advisers, but essentially instructors, to train to kill. For eight years, they emboldened the Kyiv regime to do ethnic cleansing in Donbass as well as to pump Ukraine with ammo which was primarily used against civilians in East Ukraine."
He also alleged that the Western media did not notice the Kyiv's atrocities in Donbass whereas current situation in and around Ukraine made front page news in top newspapers.
mirmostafiz@yahoo.com