Egypt: Anti-Russian Sanctions Harm Cooperation with Moscow

Egypt wants to allow Russian tourists to use Mir bank cards

Mohamed Maait

The economy of Egypt, which joined the BRICS group in 2024, is suffering from sanctions imposed on Russia by the USA, the European Union, and their allies. Nevertheless, the two countries are working together and figuring out how to deal with the situation. As Egyptian Finance Minister Mohamed Maait said in an interview, “Cairo intends to increase economic and trade exchanges with Moscow no matter what.”

Among the initiatives that Russia and Egypt are actively discussing is the proposal to create a “grain hub” in the Suez Canal. Yemen’s Houthis have granted Russian ships safe passage in the Red Sea. “We hope that there will be more and more cooperation, especially trade-related, in the future,” Maait emphasized. He expressed hope that more Russian tourists will visit Egypt this year. To encourage Russian tourists to visit the country of pyramids, the Central Banks are discussing the possibility of using Russian bank cards of the Mir payment system in Egypt.

The USA and its allies continue to try to bring Russia’s economy to its knees, often ignoring their own economic and commercial interests. In Japan, new bans went into effect on April 17, concerning exports of 164 categories of goods to Russia, approved by the Asian country’s government earlier this month. The new restrictions apply in particular to various types of motor oil, steel tubing, yachts, and other recreational or sport boats. Starting May 10, Japan will ban the import of Russian diamonds for non-industrial use. According to Japan’s trade ministry, Tokyo’s goal is to “block exports of goods that help strengthen Russia’s industrial base and economic growth.”