Russia responds to the G7 price cap: Russia will ban oil sales to countries that impose the G7’s price cap from 1 February, the Kremlin announced yesterday in a move that could trigger further volatility in global energy markets in the months ahead.

It could have been worse: The ban will apply “to all stages of sales up to and including the final buyer,” but gives Putin power to make exceptions to the rule, allowing Moscow to keep shipments flowing to allied countries such as China and India if they comply with the price cap.

The reaction in the oil market has been muted: Brent inched up 0.9% to USD 85.22 during trading yesterday and is down slightly today.

The story is big story abroad this morning: Reuters | Bloomberg | WSJ | FT | BBC.

	EGX30	14,485	-0.5% (YTD: +21.2%)
	USD (CBE)	Buy 24.69	Sell 24.77
	USD at CIB	Buy 24.68	Sell 24.75
	Interest rates CBE	16.25% deposit	17.25% lending
	Tadawul	10,359	+1.3% (YTD: -8.2%)
	ADX	10,256	0.0% (YTD: +20.8%)
	DFM	3,348	+0.6% (YTD: +4.8%)
	S&P 500	3,829	-0.4% (YTD: -19.7%)
	FTSE 100	7,473	+0.1% (YTD: +1.2%)
	Euro Stoxx 50	3,833	+0.4% (YTD: -10.8%)
	Brent crude	USD 85.22	+0.9%
	Natural gas (Nymex)	USD 5.19	+2.2%
	Gold	USD 1,821.90	+1.0%
	BTC	USD 16,693	-0.8% (YTD: -64.0%)

THE CLOSING BELL-

The EGX30 fell 0.5% at yesterday’s close on turnover of EGP 1.29 bn (16.8% below the 90-day average). Foreign investors were net sellers. The index is up 21.2% YTD.

In the green: Ibnsina Pharma (+3.0%), Cleopatra Hospitals (+2.8%) and Sidi Kerir Petrochemicals (+2.4%).

In the red: Palm Hills Development (-3.4%), Alexandria Containers and Cargo Handling (-2.8%) and Qalaa Holdings (-2.8%).