Some Egyptian companies still dealing with Russia's alternative financial system
Some Egyptian companies are secretly dealing with a Russian alternative financial system, in anticipation of international sanctions by the United States.
Russian wheat was among the first items to be traded on the newly launched Egyptian Mercantile Exchange of the Egyptian Commodities Exchange (EGYCOMEX), a proposed commodities exchange in Egypt.
Egypt’s Ministry of Supply and Internal Trade announced Nov. 28 the start of listing Russian wheat on EGYCOMEX.
The ministry offered 12,000 tons of Russian wheat for sale to the private sector at a price of 9,750 Egyptian pounds ($396) per ton. Some 18 purchases have already been carried out.
The ministry confirmed in a statement that requests to buy wheat from EGYCOMEX amounted to 28 orders for about 20,000 tons of wheat.
