The Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA) has reported that export proceeds amounting to approximately $7.6 million, owed to 14 Bangladeshi exporters, have been held up in Russia for a minimum of one year.
This issue has arisen due to restrictions imposed on banking transactions between Russia and Bangladesh. As a result, the affected exporters are facing significant financial challenges, as they are unable to receive the payments for goods already supplied to their Russian buyers. The BKMEA is actively seeking a resolution to this problem, working with relevant authorities to explore potential solutions and ensure that the exporters receive their outstanding payments as soon as possible. This situation highlights the importance of considering geopolitical risks and the potential impact of international banking restrictions when engaging in cross-border trade.