Finance
Rooppur Nuclear Project Money transaction for Rooppur nuclear project halted following Russia's message
Own Correspondent, Dhaka, March 4: Western sanctions on several Russian banks have created uncertainty over money transactions for Bangladesh's Rooppur nuclear power plant project.
The Russian bank, through which Sonali Bank of Bangladesh transacts money for the project, has asked Bangladesh to refrain from transacting with them for the time being as the Russian bank has been placed under the SWIFT sanctions.
The name of the Russian bank is Bank for Development and Foreign Economic Affairs (VEB). A few days ago, they sent a message to Bangladesh Bank through SWIFT, the medium of global money transactions. In the message, it asked Bangladesh not to transact. The bank also said if Bangladesh delays sending money for the Rooppur project, it will not have to pay any delay fee.
An official of the concerned department of Bangladesh Bank, who did not want to be named, said when the VEB received the message of SWIFT sanction, they told Bangladesh not to do the transaction. SWIFT sanctions on Russian banks could jeopardize not only the Rooppur project but also other commercial transactions with Russia.
Foreign Secretary Masood bin Momen met with diplomats, businessmen, bankers and other stakeholders on Thursday to discuss the situation. He then told reporters that the meeting had agreed not to send any money to Russia, because, money could get stuck in SWIFT.
Russia is helping Bangladesh to build the Rooppur nuclear power plant, the largest single project in the country's history. AtomstroExport is constructing the power plant as a contractor under the leadership of Russian Atomic Energy Corporation Rosatom.
The construction of two units of 1,200 MW in Rooppur will cost around Rs 1 lakh 14 thousand crore. Of this, the government will give about Rs 22,053 crore, and Rs 91,040 crore is coming from Russia as loan assistance. Commercial power supply is scheduled to start on February 17, 2024 from the plant.
Rosatom said in a statement issued to the media on Tuesday night in the wake of Western sanctions on Russia that there was no risk of any disruption to the Rooppur nuclear power plant commitment and work schedule.
