Russia and Bangladesh consider rupee payments to avoid US sanctions
Business
Russia and Bangladesh are looking to switch their trade payments to Indian rupees, hoping to sidestep US sanctions that have blocked Russian banks.
Their earlier plan to use Chinese yuan didn't pan out, so now they're considering opening a Russian bank branch in Bangladesh as part of a new payment system.
Russia Bangladesh meeting on payment solution
This payment solution will be discussed at a key meeting later this year, as sanctions have already stalled Bangladesh's loan repayments for the Russian-backed Rooppur Nuclear Power Plant.
Beyond the nuclear project, Bangladesh's exports to Russia have dropped sharply since 2022 due to the war, so both countries are eager to find smoother ways to keep business moving.