Latest figures from Egypt’s Central Bank (CBE) show that Egypt was both a major winner and a major loser in economic terms from Russia’s February 2022 invasion of Ukraine. Cairo notched up record Suez Canal and LNG export revenues, but the soaring cost of wheat imports and a surge in capital outflows saw the country’s balance of payments swing to a $9.9bn deficit, the highest in a decade (see table & chart 1).