Bangladesh seeks US sanctions waiver to purchase Russian oil amid Middle East energy crisis

"Why not Bangladesh?" says Amir Khosru as Dhaka seeks India-style temporary sanctions relief

Bangladesh has formally requested a waiver from the United States to purchase Russian oil, seeking similar relief to that recently granted to India to navigate the energy crisis triggered by the Middle East conflict.

Finance and Planning Minister Amir Khosru Mahmud Chowdhury conveyed the request to US Ambassador Brent Christensen during a meeting at the planning ministry on Wednesday.

The move comes as tensions in the Middle East threaten to disrupt traditional fuel supply lines, particularly through the Strait of Hormuz.

"The US has already granted a temporary waiver to India, allowing them to purchase Russian oil currently stranded at sea," Khosru told reporters.

"We asked, 'why not Bangladesh?' We want a waiver too. It would be a massive support for our economy."

The minister added that the US envoy had promised to relay the request to Washington for consideration.

Following the invasion of Ukraine, the US imposed strict sanctions on Russian energy exports.

However, in light of the regional instability caused by the war involving Iran, the US Treasury Department issued a 30-day waiver for India, effective from Mar 5 to Apr 4.

Bangladesh is currently facing uncertainty over its long-term LNG contracts with Qatar due to the blockage of maritime routes.

In response, the government approved the emergency purchase of three LNG cargoes from the spot market earlier on Wednesday.

During the meeting, the two sides also discussed long-term LNG imports from the US, bilateral trade, investment, and capacity building for government agencies.

"The key is how we can maximise these trade opportunities in the best interest of Bangladesh," the minister said.