Bangladesh decries collateral damage from Western Russia sanctions
Minister for Foreign Affairs of Bangladesh Abdul Momen (Photo:drakamomen.org)
Energy and defense companies making “runaway profits” thanks to the war in Ukraine should send at least 20% of their profits to the most affected countries, such as Bangladesh, the Minister of Foreign Affairs of Bangladesh, Abdul Momen, said at the G20 summit on March 2, as reported by CNBC.
G20 countries should make such compensation mandatory, Momen stated.
Bangladesh imports about 95% of its electricity from abroad, so inflation in the country has risen as the price of electricity soared. Momen noted the government is currently trying to control inflation by providing subsidies, but this comes at a subsutantial cost.
The minister also said that “food security is another problem the country is struggling with that the G20 leaders need to tackle.” According to him, Western sanctions imposed on Russia harm developing countries the most.
“Next time, when they come up with the sanctions and counter-sanctions, they should at least consult with people like us — the developing countries — to get some idea as how much it will hurt them,” the official added.
“And (G20) should create a mechanism so that the countries that would be hurt- that they should be compensated.”
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