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Bangladesh: For Bangladeshi garment exporters, business as usual with Russia despite sanctions
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DHAKA, 01 May 2022, (TON): Bangladeshi garment exports to Russia have not been disrupted by international sanctions on Moscow, businessmen say, as most of their transactions are made through third countries.
The textile sector is the No. 1 industry in Bangladesh, employing over 4 million people, contributing over 11 percent of the country’s gross domestic product and accounting for 80 percent of its exports.
Russia is a growing destination for Bangladeshi producers and last year imported garments worth about $600 million.
When a host of Western sanctions hit Moscow, following its invasion of Ukraine in February, some Russian banks were banned from the Swift system.
Bangladeshi exporters were initially jittery about the future of their trade, but so far their businesses have not been largely affected, as according to the central bank, most of the transactions are not settled directly with Russia.
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