11.09.2024, 14:32
Russia demanded Bangladesh to return the money for the nuclear power plant
Source: OREANDA-NEWS
OREANDA-NEWS The Russian state Corporation VEB.The Russian Federation demanded that Bangshadesh pay $630 million of outstanding and current interest on the loan that the country took out for the construction of the Ruppur NPP by September 15. The local edition of TBS found out about this.
Journalists got access to VEB's letter to the Department of Economic Relations (ERD) dated August 21. It says that payments should be made in US dollars or yuan and credited to a deposit at the Shanghai branch of Bank of China.
In the republic, the delay in transfers was explained by US sanctions against Russian banks and the lack of payment channels. The funds were sent to an escrow account at Bangladesh Bank, but did not go further, a source at Sonali Bank explained.
Bangladeshi officials acknowledge that failure to comply with the requirements can lead to additional fines and complications. Negotiations on extending the loan period for another two years are threatened with an indefinite delay.
In June, the Bangladeshi authorities asked for permission to use alternative transaction methods. For example, Russia could invest in projects within the country, invest in the stock market or import from the republic, as in the case of India. But Moscow called such an option unlikely and rejected a request for a postponement from debt repayment.
As of August 14, Moscow had transferred 7.33 billion dollars at a total construction cost of 12.65 billion (ten percent paid by the Government of Bangladesh). The balance is due by December, but the country is asking for a delay in payment, as construction is behind schedule. It was assumed that electricity generation would begin by the end of this year, but the power lines are being built too slowly, so the launch will have to be postponed.
Earlier it became known that the US Treasury Department will send a high-ranking delegation to Bangladesh to discuss the state of its tax and monetary policy. The visit was required after the change of power in the republic — amid mass protests, the Prime Minister of Bangladesh, Sheikh Hasina, resigned and left the country on August 5.
Journalists got access to VEB's letter to the Department of Economic Relations (ERD) dated August 21. It says that payments should be made in US dollars or yuan and credited to a deposit at the Shanghai branch of Bank of China.
In the republic, the delay in transfers was explained by US sanctions against Russian banks and the lack of payment channels. The funds were sent to an escrow account at Bangladesh Bank, but did not go further, a source at Sonali Bank explained.
Bangladeshi officials acknowledge that failure to comply with the requirements can lead to additional fines and complications. Negotiations on extending the loan period for another two years are threatened with an indefinite delay.
In June, the Bangladeshi authorities asked for permission to use alternative transaction methods. For example, Russia could invest in projects within the country, invest in the stock market or import from the republic, as in the case of India. But Moscow called such an option unlikely and rejected a request for a postponement from debt repayment.
As of August 14, Moscow had transferred 7.33 billion dollars at a total construction cost of 12.65 billion (ten percent paid by the Government of Bangladesh). The balance is due by December, but the country is asking for a delay in payment, as construction is behind schedule. It was assumed that electricity generation would begin by the end of this year, but the power lines are being built too slowly, so the launch will have to be postponed.
Earlier it became known that the US Treasury Department will send a high-ranking delegation to Bangladesh to discuss the state of its tax and monetary policy. The visit was required after the change of power in the republic — amid mass protests, the Prime Minister of Bangladesh, Sheikh Hasina, resigned and left the country on August 5.
Комментарии