After Russia launched an invasion of Ukraine in February 2022, the US and other Western countries removed Russia from the global transaction system SWIFT. All kinds of sanctions were also imposed on Russia. This made it difficult for Bangladesh to repay the Rooppur loan.
ERD sources say that under the new conditions, Russia wants the loan, including interest, to be paid in rubles. It had sent a letter to the government in this regard in October last year. ERD replied that it would not be possible for Bangladesh to pay the load in Rubles. Bangladesh is ready to pay in Chinese Yuan. In this connection, a virtual meeting took place between the two countries in March. Both sides agreed to make repayment in yuan. In this context, Bangladesh has decided to open an account in the People’s Bank of China.
When asked whether the account is being opened in a Chinese bank, there was no official statement from Bangladesh Bank. However, a concerned official, on condition of anonymity, said that they have received the ERD letter. However, no decision was taken regarding the opening of the bank account. Bangladesh Bank was considering ways to circumvent US sanctions to make repayments.