Bangladesh seeks US approval to import Russian fuel oil

DHAKA, Bangladesh

Bangladesh has requested approval from the US to import fuel oil from Russia similar to temporary concessions granted to India amid tensions in the Middle East and disruptions in global energy markets.

The issue was discussed during a meeting Wednesday between Bangladesh’s Finance Minister Amir Khasru Mahmud Chowdhury and US Ambassador to Bangladesh Brent Christensen at the Planning Ministry in Sher-e-Bangla Nagar, Dhaka.

Speaking to journalists after the meeting, Chowdhury said such a concession would significantly benefit the national economy during the current global energy crisis.

The US has reportedly assured that the matter will be communicated to authorities in Washington for further consideration.

The discussion between the two sides focused on uncertainties in the global energy market, particularly the supply of oil and gas.

Chowdhury said the meeting also explored ways to strengthen bilateral cooperation between Bangladesh and the US in trade, investment and economic development.

The global energy market has become unstable following escalating conflicts in the Middle East. The crisis intensified after the US and Israel launched a joint attack on Iran on Feb. 28, which was followed by retaliatory actions by Tehran.

As a result, fuel shipments through the Strait of Hormuz -- one of the world’s most important routes for oil transportation -- have been disrupted. This has halted or reduced energy supplies from Persian Gulf countries, creating volatility in international energy markets.

Meanwhile, sanctions imposed by the US on Russia after its invasion of Ukraine in February 2022 continue to affect global oil trade.

Despite these restrictions, Washington recently allowed India temporary flexibility to purchase Russian oil that had been stranded at sea due to the sanctions.

Bangladesh hopes to receive a similar exemption to help stabilize its energy supply and reduce pressure on its economy.

During the meeting, the two sides also discussed enhancing institutional capacity within Bangladesh’s government agencies.

Asked about the possibility of a bilateral trade agreement with the US, Chowdhury said there has been no specific decision yet. He added that the government is carefully considering how any such agreement could best serve Bangladesh’s national interests.

He also said that the government is preparing contingency plans to address possible scenarios if the Middle East conflict continues for the short, medium or long term.