Egypt Swaps Out Russian Wheat After Moscow Objects to Pricing
- State-owned buyer struck deal below Moscow’s price floor
- Egypt to source wheat from France and Bulgaria instead
A worker arranges freshly-baked traditional flatbreads at a bakery in Giza, Egypt.
Photographer: Islam Safwat/BloombergThis article is for subscribers only.
Egypt will switch to sourcing almost half a million tons of wheat from France and Bulgaria, after Moscow blocked the supply of Russian grain, according to people familiar with the matter.
Moscow objected to the pricing of the bumper deal, the people said, asking not to be identified as the matter is private. It’s the second time in the past few months that the purchase of Russian wheat by Egypt’s state-run buyer has been thrown into turmoil as authorities in Moscow try to enforce an unofficial price floor.