Egypt plans to use ruble in trade with Russia
Egypt and Russia seek to switch to local currencies in their trade transactions to overcome obstacles created by Western sanctions on Moscow over the Ukraine war.
Egypt and Russia plan to use their local currencies in trade transactions amid financial sanctions by the West on Moscow over its invasion of Ukraine.
Egyptian Minister of Trade and Industry Nevine Gamea said June 16 that Cairo will adopt a payment mechanism to allow the use of the Russian ruble in trade exchange with Moscow.
"Maritime and air traffic was disrupted due to the [Ukrainian] crisis, along with banking transactions," Gamea said at the St. Petersburg International Economic Forum. "There is a need to find mechanisms for making payments because Egypt needs Russian wheat.”
According to Egyptian official figures, trade exchange between Egypt and Russia rose in 2021 to hit $4.7 billion, a 5.1% increase from $4.5 billion a year earlier.
