Dhaka, Moscow working on SWIFT workaround

Russia and Bangladesh are working out alternative modalities to keep transactions and trade between the two countries uninterrupted, said the Russian ambassador to Bangladesh yesterday.

The two countries are considering a currency swap, barter and using a third country's banks, said Alexander Mantytskiy, the Russian envoy, at a press conference held at the embassy's premises.

The development comes after the US-imposed sanctions left Russia cut off from the SWIFT network, the standard channel for international transactions.

The sanction has left Bangladesh worried as the Rooppur Nuclear Power Plant, a mega project of the government, is being funded by Russia.

"We can assure that the project will be completed as per schedule."

When asked about the rising prices of wheat and gas in the global market, of which Russia is a major supplier, Mantytskiy said his country will fulfil its contractual obligations.

For instance, despite sanctions from the West, Russia is continuing to supply gas to Europe, he said, adding that India recently announced a plan to buy more Russian oil to ensure energy security.

Following Russia's invasion of Ukraine on February 24, many Western companies have abandoned the market. The Russian envoy says it has created an export opportunity for Bangladesh, particularly for garment, pharmaceutical products and agricultural produce.

"We will take forward our economic relations with Bangladesh and overcome all challenges," he said, while thanking Bangladesh for abstaining from voting on the Russia resolution in the UN General Assembly despite external pressure.