{"id":545792,"date":"2022-04-12T04:09:56","date_gmt":"2022-04-12T04:09:56","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/12\/egyptian-exporters-want-to-open-up-rub-bank-accounts-zelensky-could-address-the-au\/"},"modified":"2022-04-12T04:09:56","modified_gmt":"2022-04-12T04:09:56","slug":"egyptian-exporters-want-to-open-up-rub-bank-accounts-zelensky-could-address-the-au","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/12\/egyptian-exporters-want-to-open-up-rub-bank-accounts-zelensky-could-address-the-au\/","title":{"rendered":"Egyptian exporters want to open up RUB bank accounts + Zelensky could address the AU"},"content":{"rendered":"

<\/a> Egyptian exporters don\u2019t want to lose business with Russia \u2014 even if it means g<\/strong>etting payments in RUB. <\/strong>The Egyptian Businessmen\u2019s Association wants Egyptian businesses to be able to open RUB bank accounts, Al Borsa writes<\/a> citing association chairman Ali Issa. The plan is aimed at maintaining trade between the two countries amid western sanctions imposed on Russia for its invasion of Ukraine.<\/p>\n

How would it work? <\/strong>The RUB generated from our exports to Russia would be used to pay for our imports from Russia, allowing traders to sidestep the USD as a trade currency, Issa reportedly said.<\/p>\n

This could come in handy if Russia starts expecting payment for its exports in RUB. <\/strong>Moscow has already said it will demand payment in RUB for its key gas exports to \u201cunfriendly countries\u201d (read: pretty much all of Europe), later signaling<\/a> that the scheme is a \u201cprototype\u201d and could soon expand to other categories of exports.<\/p>\n

The association will submit its proposal to the cabinet and the central bank<\/strong>, Issa is quoted as saying, adding that it would then need agreement from Russia to move forward.<\/p>\n

REALITY CHECK- Don\u2019t hold your breath. <\/strong>We can\u2019t imagine Egyptian financial institutions (or pols, for that matter) running the risk of breaching sanctions against Russian financial institutions, at least seven of which have been cut off from the global Swift network through which banks send transfer instructions. And don\u2019t even get us started on the fact that \u2014 pre-invasion \u2014 we imported about six times more than we sold Russia.<\/p>\n

\n

WARTIME DIPLOMACY- <\/strong><\/p>\n

Zelensky makes a push for African support:<\/strong> Ukrainian President Volodymyr Zelensky wants to address the African Union, Senegalese President and current AU president Macky Sall said in a tweet<\/a> after the two spoke by phone. African countries (including Egypt) accounted for 24 of the 58 countries that abstained from voting to suspend Russia from the UN Human Rights Council<\/a> last weekend, while another nine African nations voted against the motion.<\/p>\n

Finland and Sweden could join Nato as soon as this summer<\/strong>, indicating that Russia\u2019s decision to invade Ukraine is inadvertently strengthening the alliance in what US officials are calling a \u201cmassive strategic blunder.\u201d (The Times<\/a>)<\/p>\n

\n

PAYING FOR WAR-<\/strong><\/p>\n

Ukraine calls for more military aid as it gears up for <\/strong>renewed attacks in the east: <\/strong>Ukraine\u2019s finance minister called for USD tens of bns in support from allies to urgently plug a gaping hole in the country\u2019s finances, in an interview with the Financial Times<\/a>. \u201cWe are under great stress, in the very worst [financial] condition,\u201d Sergii Marchenko said. \u201cNow it is a question of the survival of our country.\u201d Zelensky also requested more military aid during a virtual address to the South Korean parliament (watch, runtime: 19:55<\/a>).<\/p>\n

Both the US and Kyiv <\/strong>have warned<\/a><\/strong> that Russia is gearing up for a major new offensive<\/strong> in eastern Ukraine\u2019s Donbas region.<\/p>\n

\n

ON THE FRONT LINES- <\/strong><\/p>\n

Civilian death toll mounts in Mariupol: <\/strong>At least 10k and potentially even more than 20k civilians have died in the besieged eastern city of Mariupol, the city\u2019s mayor told the AP yesterday<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Egyptian exporters don\u2019t want to lose business with Russia \u2014 even if it means getting payments in RUB. The Egyptian Businessmen\u2019s Association wants Egyptian businesses to be able to open RUB bank accounts, Al Borsa writes citing association chairman Ali Issa. The plan is aimed at maintaining trade between the two countries amid western sanctions […]<\/p>\n","protected":false},"author":1,"featured_media":545793,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7264],"tags":[810,1684,72,414,304,1084],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-545792","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-war-watch","tag-african-union","tag-egyptian-businessmen-association","tag-enterpriseam","tag-south-korea","tag-ukraine","tag-war-watch","wpautop","entry"],"acf":{"mongo_id":"08e528e8-7d6a-4836-b146-ebb03bf0125c","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/4\/214.jpg","photo_position":"above","related_issue":[545778],"teaser":"","voice_url":""},"yoast_head":"\nEgyptian exporters want to open up RUB bank accounts + Zelensky could address the AU - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/12\/egyptian-exporters-want-to-open-up-rub-bank-accounts-zelensky-could-address-the-au\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Egyptian exporters want to open up RUB bank accounts + Zelensky could address the AU\" \/>\n<meta property=\"og:description\" content=\"Egyptian exporters don\u2019t want to lose business with Russia \u2014 even if it means getting payments in RUB. 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Russian negotiators said the two sides had agreed to reconvene on the Polish-Belarusuian border in the coming days, without specifying a date, the Interfax\u2026","rel":"","context":"In "WAR WATCH"","block_context":{"text":"WAR WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/war-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/3\/2.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":544495,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/07\/only-ukraines-surrender-will-end-the-fighting-says-putin\/","url_meta":{"origin":545792,"position":3},"title":"Only Ukraine\u2019s surrender will end the fighting, says Putin","author":"enterpriseam admin","date":"7 March 2022","format":false,"excerpt":"Russia will only agree to a ceasefire if Ukraine lays down its weapons and meets Moscow\u2019s demands, Russian President Vladimir Putin said yesterday, according to Reuters and the Associated Press. During a call with Turkish President Recep Tayyip Erdogan, Putin said that the conflict will end only when Kyiv \u201cstops\u2026","rel":"","context":"In "WAR WATCH"","block_context":{"text":"WAR WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/war-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/3\/76.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":583664,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/19\/no-final-decision-made-on-grain-treaty-exit-says-el-moselhy-plus-love-for-the-rub-nasser-banks-high-yield-cds-precious-metals-fund\/","url_meta":{"origin":545792,"position":4},"title":"No final decision made on grain treaty exit, says El Moselhy. PLUS: Love for the RUB, Nasser Bank\u2019s high-yield CDs, precious metals fund","author":"enterpriseam admin","date":"19 March 2023","format":false,"excerpt":"Convention didn\u2019t help us during 2022 food crisis, minister says","rel":"","context":"In "Also on our Radar"","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/3\/Rice-harvest-1600.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":544953,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/29\/russia-ready-to-compromise-in-todays-peace-talks-with-ukraine-says-ft\/","url_meta":{"origin":545792,"position":5},"title":"Russia ready to compromise in today\u2019s peace talks with Ukraine, says FT","author":"enterpriseam admin","date":"29 March 2022","format":false,"excerpt":"Is Russia ready to make compromises ahead of today\u2019s peace talks? Moscow has relaxed some of its key demands ahead of a new round of peace talks that will begin today in Istanbul. Four people familiar with the plans tell the Financial Times that Russia will no longer insist on\u2026","rel":"","context":"In "WAR WATCH"","block_context":{"text":"WAR WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/war-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/3\/689.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/545792","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=545792"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/545792\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/545778"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/545793"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=545792"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=545792"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=545792"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=545792"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=545792"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}