This paper argues that Egypt's balancing position on the war on Ukraine is shaped by a combination of a rational analysis of the consequences of the war and a pre-war vision of its role in the ongoing global transformation. The paper employs the framework of varied consequentialism to identify the main factors driving Egypt's balancing position. The first factor relates to Egypt's dependence on external partners, contributing to the vulnerability of its national security, which leaves minimal room for maneuvering in responding to external crises, including the war in Ukraine. The second factor relates to the negative implications of the war on Egypt's national food security. The third factor is the need for external support to contain the war's negative consequences, which raises questions about the reliability of the international partners. The paper also discusses how this balancing position has defined Egypt's response to the American and Russian visions of the new world order in the post-Ukraine war period.
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