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.
Russian Foreign Minister Sergey Lavrov (L) and Egyptian Foreign Minister Sameh Shoukry walk prior to talks of representatives of the Arab League states, Moscow, Russia, April 4, 2022.
Russian Foreign Minister Sergey Lavrov (L) and Egyptian Foreign Minister Sameh Shoukry walk prior to talks of representatives of the Arab League states, Moscow, Russia, April 4, 2022. - Alexander Zemlianichenko/POOL/AFP via Getty Images
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Mohamed Sabry
@MohamedSabry079

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.

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