Moscow & Cairo to drop USD, use national currencies in bilateral trade – Putin — RT Business

Russia and Egypt might soon exclude the US dollar and use their national currencies in the settlement of accounts in bilateral trade, Russian President Vladimir Putin said in an interview to Egyptian media ahead of his Monday visit to the country.

The issue of abandoning the dollar in trade is “being actively discussed,” Putin told Al-Ahram daily newspaper ahead of his two-day trip to Egypt. The Russian president was invited for a bilateral meeting by his Egyptian counterpart Abdul Fattah al-Sisi.

“This measure will open up new prospects for trade and investment cooperation between our countries, reduce its dependence on the current trends in the world markets,” Putin said.

“I should note that we already use national currencies for trade with a number of the CIS [Commonwealth of Independent States] states, and China. This practice proves its worth; we are ready to adopt it in our relations with Egypt as well. This issue is being discussed in substance by relevant agencies of both countries.”

Egypt is a long-time and trusted partner of Russia and the relationship between the two countries has been rapidly developing, the Russian president said.

“The volume of bilateral trade has increased significantly over the past years: In 2014, it increased by almost half compared to the previous year and amounted to more than $4.5 billion,” he said urging for this trend to be strengthened.

He also praised the development of “mutually beneficial and effective” cooperation in the sector of agriculture. “Egypt is the major buyer of Russian wheat, Russia provides about 40 percent of grain consumed in the country; as for us, we import fruits and vegetables.”

Complete story at - Moscow & Cairo to drop USD, use national currencies in bilateral trade – Putin — RT Business

Egypt's Courts Further Repression With Journalists on Trial and Mass Death Sentence for Morsi Supporters

   

Egypt is facing international criticism after the largest mass sentencing in its modern history. On Monday, 529 supporters of ousted President Mohamed Morsi were ordered killed over the death of a single police officer in protests last summer. The trial lasted just over two days, with the majority tried in absentia. The exceptionally swift trial and harsh sentences mark a new escalation of the Egyptian military regime’s crackdown on Morsi supporters, which has led to hundreds of deaths and thousands of arrests. In another closely watched trial, Al Jazeera journalists Peter Greste, Baher Mohamed and Mohamed Fahmy have been denied bail after nearly three months in prison. They are accused of belonging to or aiding a terrorist organization. Meanwhile, two leading Egyptian activists have been freed after over 100 days behind bars. Alaa Abd El-Fattah and Ahmed Abdel Rahman are among a group of activists charged with violating the military regime’s anti-protest law. They and 23 others have been released on bail but still face a trial that resumes next month. We go to Cairo to speak with Democracy Now! correspondent Sharif Abdel Kouddous.

Egypt's Courts Further Repression With Journalists on Trial and Mass Death Sentence for Morsi Supporters