Egypt Says Suez Canal Revenue Losses Reach $11 Billion

Egypt has lost close to $11 billion in Suez Canal revenue, Foreign Minister Badr Abdel Aty said, according to RIA Novosti.

Abdel Aty said shipping difficulties that began with the escalation of the Palestinian-Israeli conflict in late 2023 worsened after the outbreak of hostilities between Israel and Iran. Faced with security threats, carriers redirected vessels away from the Red Sea and Suez Canal route, sending them around Africa instead — costing Egypt the transit fees it relies on.

"Egypt's net losses from the decline in Suez Canal revenues are approaching $11 billion," Abdel Aty said during a meeting with foreign correspondents.

Cairo is pushing for full de-escalation in the region and says it is working to reduce tensions. Each new outbreak of fighting further damages shipping, which directly affects Egyptian interests. Abdel Aty called for respect for international law and freedom of navigation in international sea lanes and straits.

The Suez losses come as Russia promotes an alternative route. Bloomberg reported that Russian oil shipments to China via the Northern Sea Route grew significantly, though the report did not specify a year. The Arctic route is far shorter than traditional paths to Asia through the Suez Canal or around Africa, but a short navigation season prevents full-year use. At the Eastern Economic Forum, President Vladimir Putin said Russia aims to make Northern Sea Route navigation possible year-round and asked the government to quickly finish work on a development plan for the corridor. "This corridor is meant to provide flexibility and security for international supplies," Putin said.