Sanctions on Russia: Bangladesh considering implications and way forward

Photo: Reuters

The Bangladesh government has been considering the implications of war in Ukraine and the sanctions imposed by the Western countries on Russia, and the available options to move forward.

"We make important imports from Ukraine and Belarus. We discussed the possible implications of sanctions, and how transactions can be made in a changed situation," Foreign Secretary Masud Bin Momen told reporters after an inter-ministerial meeting at the foreign ministry.

Ambassadors from Russia, Poland, Romania and Hungary and officials from the finance ministry, energy ministry, Bangladesh Bank, FBCCI and BGMEA were also present in the hybrid-format meeting.

Energy prices are already up and if the gas supply to western Europe is halted, it will have serious implications. Also Russia has a number of initiatives in Bangladesh and it was discussed whether they would face any problem.

"We should think of alternatives. We discussed all these issues. Stakeholders are also thinking," Masud Bin Momen said.

He said he directed the different stakeholders to sit separately on how they were being affected by the war and western sanctions against Russia.

"We will also see how other countries that are more engaged with Russia are dealing with the situation. We can share those with our relevant stakeholders so that we can have a contingency plan at the earliest," he said.

Asked if Bangladesh's economy is under pressure, he said in a week another inter-ministerial meeting will be held to find the solution to the crisis.


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