Russia Cashes in on Iran Win with Dedollarisation in Egypt

Russia now offers Egypt financial infrastructure that challenges dollar dominance.

Image: DNE Africa

Russian President Vladimir Putin has recently ratified a 2024 amendment to a government loan agreement with Egypt, stipulating that repayments be made in rubles. This move appears to have been emboldened by Iran’s recent resilience and successes in its confrontation with Israel, strengthening Moscow’s resolve to advance its dedollarisation agenda. The development builds on Russia’s precedent of promoting ruble-centric alternative payment systems, not only in Egypt but also across the wider region, notably with Iran and the United Arab Emirates. Previously, the isolationist policies of the Trump administration nudged Cairo towards alternative partners such as Moscow. Iran’s recent victory has accelerated this eastward shift. What had previously been a slow and faltering push towards de-dollarisation has now found renewed momentum.

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