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| Rooppur nuclear power plant |
Russia is exerting pressure on Bangladesh to open a branch of a Russian bank in Dhaka in order to send the loan instalment money from the Rooppur Nuclear Power Plant project to the home country or at least keep it in their custody.
Russian Ambassador to Bangladesh Aleksandr Mantytsky met the high officials of the Bangladesh government including the chief adviser and the finance adviser over the past three months where Russia sought permission to open a bank branch in addition to placing other issues.
Since banks in Russia face sanctions and are forced out of the SWIFT system following the Russia-Ukraine war, Dhaka can no longer send the loan repayment money from the Rooppur Nuclear Power Plant project to Moscow.
Bangladesh keeps the fund in an escrow account of the Bangladesh Bank as an alternative, depositing USD 630 million from loan interests so far.
As Russia became desperate to get the money, Moscow proposed to Dhaka last August to send the funds to a certain bank in China, to which Dhaka did not respond. Later, Moscow requested the government policymakers in Dhaka to allow the former to have a bank branch here.
As per the agreement on loan to the Rooppur Nuclear Power Plant project, Dhaka will permit Moscow to open a bank branch here, and the lending country is seeking it now.
Former lead economist of the World Bank in Dhaka, Zahid Hussain, told Prothom Alo opening of the branch of the Russian banks facing sanctions of US and UK directly or indirectly will create problems. If Russia proposes to open a branch of a certain bank, then the matter of approval by Bangladesh also comes up.
Zahid Hussain, however, opined anyone would want to take the repayment money of the loans into their custody as soon as possible.
The Rooppur Nuclear Power Plant project is being implemented at a cost of Tk 1.14 billion, and Russia is lending Tk USD 12.65 billion for the project. The project deadline is 31 December 2024, but it will take two more years to complete the project.
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