Egypt backs Russia-led BRICS grain exchange, expands trade ties

Egypt is deepening its economic partnership with Russia, moving to establish a new grain exchange under the BRICS framework. The plan, announced after a memorandum of understanding between Russia’s SPIMEX and Egypt’s EMX exchanges, aims to boost trade in grains, legumes, and oilseeds while creating financial instruments less reliant on the U.S. dollar.

Igor Artemyev, head of SPIMEX, said the initiative would simplify trading procedures and give brokers and companies in both countries direct access to the exchange. “In general, all of this can be viewed both as bilateral Russia–Egypt relations and as the creation of a BRICS exchange,” he said. Russian President Vladimir Putin has suggested the platform could eventually expand to cover other key commodities, reflecting the broader ambitions of the bloc.

Egypt-Russia collaboration spans energy, mining

Economic and energy cooperation between Cairo and Moscow is extending across multiple sectors. During a visit by a Russian State Duma delegation to Egypt, Petroleum and Mineral Resources Minister Karim Badawi met with Russian Energy Minister Sergei Tsivilev to discuss joint energy projects. Tsivilev said Russian firms remain committed to long-term operations in Egypt’s energy and mining industries.

Russian investment in Egypt spans energy, manufacturing, and infrastructure. The Russian Industrial Zone at Port Said is designed to support joint manufacturing for export across Africa, and potentially to Russia and the Eurasian Economic Union. Russia also supplies nuclear fuel for Egypt’s El Dabaa nuclear plant and provides technical support for its development.

Energy, trade deals strengthen Egypt

In oil and gas, state-owned Zarubezhneft operates offshore blocks with over 200 million barrels of oil. Lukoil has invested $22.5 million in exploratory wells in Egypt’s Eastern Desert, while Rosneft holds a 30 percent stake in the Zohr gas field, partially exempt from UK sanctions.

Egypt is negotiating a Free Trade Agreement with the Eurasian Economic Union. Alongside energy sector growth and the grain exchange, these moves strengthen Egypt’s position as a regional trade hub and support projects tied to BRICS economic cooperation and investment initiatives.