The foreign policy of the great powers due to the Arab revolutions and the recent upheavals in the Middle East seems to display an ‘American retreat’ and a ‘Russian comeback.’ In this context, the countries of the MENA region want to build their relations with new partners and not only with the United States. Egypt, which historically was an ally of the Soviet Union (today Russian Federation), and then of the United States, has kept a neutrality on the Ukrainian conflict for several reasons. My research work aims to provide a political and economic analysis in view of the strategic choices that Cairo has made. For several years, the land of the Pharaohs has been trying to balance its relations with Western countries and also those at the regional level and has become an essential mediator, such as in the Israeli-Palestinian conflict. In terms of its food security, the country is dependent on Russian wheat (50%) as well as Ukrainian wheat (30%). The tourism sector, which is one of the country’s four main sources of income, is also a major issue for the government: Ukrainian and Russian tourists flock to the country in large numbers every year. On the commercial level, Russia is seeking to further develop its economic relations with Egypt. This is illustrated by the USD 20 billion project to build the first nuclear power plant in Egypt, in Dabaa, by the Russian state-owned company Rosatom.