Bangladesh seeks US waiver to import Russian diesel as energy crisis deepens

Bangladesh has reached out to the United States for a temporary waiver from sanctions to enable the import of Russian diesel, officials announced on Monday. This request comes as unrest in the Middle East disrupts global energy markets and leads to fuel shortages. Dhaka is asking for a waiver similar to the one that was given to India, aiming to import up to 600,000 metric tons of Russian diesel, according to officials from the energy ministry. “The letter has been sent ... we are now waiting for a reply,” stated Monir Hossain Chowdhury, a joint secretary in the Energy and Mineral Resources Department. The country, which has a population of 175 million, depends on imports for about 95 percent of its energy needs, and state-run agencies have been turning to the unpredictable market to fill the gap. The government has been limiting fuel availability, although these restrictions were relaxed during the Eid al-Fitr celebration. “We are trying to source fuel from various countries, including the U.S., Russia, Uzbekistan, Kazakhstan, Angola, and Australia,” Chowdhury mentioned. Bangladesh is also increasing imports from its current suppliers. The Bangladesh Petroleum Corporation plans to import 40,000 metric tons of diesel from India’s Numaligarh Refinery Limited in April, which is nearly double the amount received in March, according to a senior BPC official. Additionally, the country is seeking over $2.5 billion in external funding to help with the costs of fuel and liquefied natural gas imports, as it faces rising energy prices and increasing pressure on its foreign exchange reserves in a fluctuating global market.