Current Events

Russia’s current account surplus in the second quarter of this year amounted to a record $70.1 billion

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Despite Western sanctions, Russia’s current account surplus in the second quarter of this year amounted to a record $70.1 billion, according to Bloomberg. This quarterly figure was the highest since at least 1994, the article says.

Russia’s current account surplus in the second quarter of this year was valued at a record $70.1 billion as rising energy and commodity export earnings helped Moscow offset the impact of US and European sanctions imposed over the Ukraine conflict, Bloomberg reported.

According to the Central Bank of the Russian Federation, the current account surplus, the broadest indicator of trade in goods and services, was the largest since at least 1994.

The sanctions-driven drop in imports contributed to this surplus, which has become Russia’s key economic lifeline at a time when the US and its allies are trying to isolate it. According to the Central Bank of the Russian Federation, in the first six months of 2022, the surplus reached $138.5 billion.

After the entry of troops into Ukraine, Moscow, as the article points out, stopped publishing detailed data on imports and exports, but these flows can be estimated from information provided by partner countries.

In May, there were signs that imports to Russia were stabilizing as the economy adjusted and businesses began looking for new routes to supply.

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As Bloomberg notes, Russia’s fast-growing current account surplus, coupled with strict capital controls, has contributed to the fact that this year the ruble shows the best performance among the currencies of developing countries.

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