Businesses in Bangladesh and Russia Call for Easier Payment System as FBCCI Signs MoU

Business leaders from Bangladesh and Russia believe there is a major opportunity to expand trade and investment between the two countries. But to realise that potential, they have urged that the system for transferring money between the two countries be made easier. The remarks came on Thursday afternoon (5 November) at a dialogue titled 'Bangladesh-Russia Business Dialogue' at the office of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) in Motijheel, Dhaka.

The dialogue was jointly organised by the FBCCI and the Russia-Bangladesh Business Council. It was chaired by FBCCI Administrator Md Fazlul Haque. The Russian delegation was led by Ilya Shestakov.

In his welcome address, Md Fazlul Haque said there is a good opportunity to increase trade between Bangladesh and Russia in the current global situation. There is virtually no major obstacle to trade and investment between the two countries, he said. However, he noted that the minor obstacles that do exist need to be identified and removed through joint initiative.

Ilya Shestakov, head of the Russian delegation, said it is essential to build a sustainable payment infrastructure between the two countries to make use of the trade potential. Bangladesh is one of Russia's top partners in South Asia in terms of trade volume, he said. Russia wants to increase supplies of agricultural products, food and fertiliser to Bangladesh. He added that the country is also interested in working jointly in energy, information technology, cyber security and e-governance.

Russia's ambassador to Dhaka, Alexander Khozin, said regulations need to be simplified and existing barriers in logistics and market access removed. Alongside trade and investment, he also stressed increasing cooperation in education and human resource development.

At the event, a memorandum of understanding was signed between the FBCCI and the Russia-Bangladesh Business Council. The FBCCI said the aim of the MoU is to exchange information regularly to create a favourable environment for businesses in both countries and to identify new trade and investment possibilities. Under it, the two sides will work together on joint projects by companies from both countries and on organising trade fairs, exhibitions, business missions and investment forums.

After the war in Ukraine began in 2022, the United States and Western countries imposed extensive sanctions on Russian banks. Several major Russian banks were also excluded from the SWIFT international transaction system. Since then, normal transactions between Bangladesh and Russia have been disrupted, it was noted at the dialogue.

The payment complications have affected exports. In the 2021-22 fiscal year, Bangladesh's exports to Russia stood at 638.3 million dollars. They have fallen since then. In the latest 2025-26 fiscal year, exports dropped to 257.3 million dollars. That means exports have fallen by about 60 percent in four years.

Exporters say that accepting payment in a third country's currency carries the risk of Western sanctions or blacklisting. For this reason, they are losing many buyers.

To resolve the payment complications, Russia made a new proposal last July. It proposed settling the two countries' trade dues in Indian rupees. Russia also renewed its proposal for a separate payment system for the two countries and for opening a branch of a Russian bank in Dhaka. Repayment of the loan for the Russian-financed Rooppur Nuclear Power Plant is also stuck in this transaction complication.

Also present at the event were Russia-Bangladesh Business Council Chairman Mia Sattar, Association of Bankers Chairman Abdul Hai Sarker, Bangladesh Bank Executive Director Imam Abu Saeed, Economic Relations Division Joint Secretary Aynur Akter Panna, Metropolitan Chamber of Commerce and Industry (MCCI) President Kamran T Rahman, Dhaka Stock Exchange Chairman Mominul Islam and Chittagong Stock Exchange Chairman A K M Habibur Rahman.