Russia offers Egypt wheat to be paid for in rubles

According to Trade and Industry Minister Mounir Fakhry Abdel Nour, Egypt has received a proposal to obtain wheat shipments from Russia, to be paid for in Russian currency, ruble.
The offer was made by the Russian conglomerate Sistema, which hopes to invest in Egypt during the coming period, the ministry said in a statement issued on Saturday.
Egypt is the world’s largest wheat importer, relying on Russia as a major source of the vital grain. The country consumes around 10 million tons of wheat annually, relying both on imports and local supply.
In a related context, the ministry revealed that an expert panel will be formed in September, to begin negotiations over Egypt’s plans to join the Eurasian Economic Union, comprising Russia, Belarus, Kazakhstan, Armenia and Kyrgyzstan.
Edited translation from Al-Masry Al-Youm

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