Egypt has been the country most affected by the ongoing escalation in the Red Sea, according to Egyptian Foreign Minister Badr Abdelatty, who spoke on Monday during a joint press conference in Moscow with Russian Foreign Minister Sergey Lavrov.
Abdelatty expressed concern over the economic impact, citing significant losses due to the decline in Suez Canal revenues as a result of rising tensions in the region.
“We are all harmed by this unjustified escalation and tension that affect the freedom of international navigation in the Red Sea,” Abdelatty stated. “Egypt is naturally the country hardest hit by this dangerous escalation. We are harmed every month by the severe decline in Suez Canal revenue as a result of this escalation.”
He emphasised that an end to Israel’s ongoing military campaign in Gaza is essential to de-escalating the situation in the Red Sea.
The Suez Canal, a critical source of foreign currency for Egypt, generated $7.2 billion in the 2023/24 fiscal year, down from $9.4 billion the previous year.
Tensions have spiked in the Red Sea and the Gulf of Aden as Yemen’s Houthi group has launched attacks on vessels connected to Israel—whether owned, flagged, operated, or destined for Israeli ports—in solidarity with Gaza. More than 41,200 people, mostly women and children, have been killed in Gaza since 7 October last year following a Hamas attack, which triggered a brutal Israeli offensive.