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Egypt, Russia find opportunity in crisis

Analysts say boosting trade between Russia and Egypt in the ruble and the pound is a win for both countries amid Western sanctions on Moscow and the dollar crunch in Egypt.
Egyptian Foreign Minister Sameh Shokry (R) and his Russian counterpart Sergei Lavrov shake hands during a joint press conference in the capital Cairo, on July 24, 2022. - Russia's top diplomat will address the Arab League at its Cairo headquarters, the organisation said, days after Russia took part in a summit hosted by Iran, a regional rival of some Arab states.  (Photo by KHALED DESOUKI/AFP via Getty Images)

CAIRO — Egypt and Russia are seeking measures to boost economic cooperation and increase bilateral trade, creating win-win business opportunities for investors in both countries. As Western sanctions against Moscow escalate, Russian-based companies are looking for alternative markets in Africa, including Egypt.

Egypt licensed 34 Russian firms last month to export seafood products to the country as Cairo sources affordable foodstuffs amid a hard currency squeeze.

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