Will sanctioned Russian oligarchs find haven in Egypt?
Its current economic hardships may prompt Cairo to double down on investments with Russia.
CAIRO — Egyptian politicians have called on the government to open its doors to Russian investors after their assets were frozen in the West. The call comes amid economic hardships that have prompted the country to devalue its currency last month.
So far, Egypt has avoided condemning the Russian invasion of Ukraine. On April 7, Cairo abstained from voting on a UN General Assembly resolution suspending Russia from the Human Rights Council over “gross and systematic violations and abuses of human rights” in Ukraine.
However, the Nidaa Masr party has demanded more from the government, calling on the cabinet to welcome Russian billionaires so Egypt can benefit from their exile from the European and American markets.
“The government should communicate with Russian investors and the Russian government and provide them with concessions to invest in Egypt, especially in industry, energy and tourism,” said the party's head Tareq Zeidan in a March 20 statement.
