Egyptian-European Business Council raises fears over impact on energy, wider economy Envoys to Cairo demand greater international cooperation to tackle fallout from the war CAIRO: Osama Rabie, chairman of the Suez Canal Authority, confirmed that the authority is dealing with the Russian-Ukrainian crisis impartially, in accordance with the Constantinople Agreement. During a meeting of the Egyptian-European Business Council, Rabie said: “We perform all services to ensure the passage of all ships in complete safety and in a period of time not exceeding 11 hours.” The chairman of the council, Mohamed Abou El-Enein, said: “The Russian-Ukrainian crisis has caused economic losses that have affected all countries of the world, including an energy crisis, a food crisis, and global inflation.” Global GDP losses so far exceed the economic losses caused by the coronavirus disease pandemic, he added, whilst touching upon how the crisis has impacted the world’s energy industry. “In the past period (the world) had fears of climate change and began to expand the new and renewable clean energy system, and the rate of demand for conventional fuel declined,” he said. El-Enein, a member of Egypt’s House of Representatives, also noted “possibilities for a decline in global growth rates and losses estimated at a trillion dollars,” and said there was “the need to find a political and diplomatic solution soon to stop the losses and focus efforts to reach solutions that achieve the interests of all, especially the Ukrainian people.” The German Ambassador to Cairo Frank Hartmann stressed that the Russian-Ukrainian war cast shadows beyond Europe across the world. “The impact was not limited to the economic aspect only, but also extended to the political aspect,” he said, noting that the war has resulted in the influx of many Ukrainian refugees to different countries on a scale not seen since the Second World War. He stressed the need for the cooperation of various countries to expand new and renewable energy, especially in light of the war’s impact on energy prices. The French Ambassador to Cairo Marc Baretti said: “After the Second World War, the countries of the world began to chart a new path based on peace, coexistence and cooperation.” Hong Jin-wook, South Korea’s envoy in the Egyptian capital, agreed with him, pointing out that the whole world would suffer from the Russian-Ukrainian crisis, expressing his concern that the war was the beginning of a catastrophe. He stressed that his country’s position “rejects any acts of war and aggression against civilians and neighboring countries,” emphasizing the need for states to work together to take strong decisions on sanctions against aggressors. “South Korea has so far not had clear relations with the countries concerned with the crisis, but we are trying to help with everything we have to stop the war,” he said.