Russia has proposed settling trade with Bangladesh in Indian rupees instead of dollars to bypass US sanctions that have frozen conventional banking channels since the 2022 Ukraine invasion. The solution aims to maintain payments for the Rooppur Nuclear Power Plant, a major project financed by Rosatom. The proposal includes creating a dedicated bilateral payment infrastructure and possibly opening a Russian bank branch in Dhaka. Bangladeshi officials are currently reviewing the mechanism, with further discussions expected during the Bangladesh-Russia Intergovernmental Commission meetings in September or October 2026. Bangladesh exports approximately $1.8 billion worth of goods to India annually, meaning rupee liquidity already exists within its financial system.
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