Russia’s current account surplus narrowed sharply to USD 18.6 billion in the first quarter of 2023 from USD 69.5 billion in the corresponding period of the previous year, according to preliminary estimates. It was the lowest surplus since 2016, underscoring the large extent of narrowing of the Russian current account since hitting its record-high of USD 77.2 billion in Q2 2022, as Western sanctions and global recession concerns pressured prices of Moscow’s key oil and gas sales. Goods exports sank by 35% to USD 100.8 billion, more than halving the goods account surplus to USD 29 billion from USD 83 billion in the corresponding period of the previous year. In the meantime, the services account maintained a steady deficit of RUB 4.9 billion. Also, the aggregate primary and secondary gap narrowed slightly to RUB 5.5 billion, largely due to lower dividends declared by Russian companies. source: Central Bank of Russia

Current Account in Russia averaged 14447.19 USD Million from 1994 until 2023, reaching an all time high of 77200.00 USD Million in the second quarter of 2022 and a record low of -3774.00 USD Million in the second quarter of 1998. This page provides - Russia Current Account - actual values, historical data, forecast, chart, statistics, economic calendar and news. Russia Current Account - data, historical chart, forecasts and calendar of releases - was last updated on June of 2023.

Current Account in Russia is expected to be 280000.00 USD Million by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Russia Current Account is projected to trend around 35000.00 USD Million in 2024 and 33500.00 USD Million in 2025, according to our econometric models.

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Russia Current Account



Calendar GMT Actual Previous Consensus TEForecast
2023-01-17 01:00 PM Q4 $31.4B $48B $ 62B
2023-04-11 01:00 PM Q1 $18.6B $37.5B $ 43.0B
2023-07-11 01:00 PM Q2 $18.6B $ 20.0B


Related Last Previous Unit Reference
Balance of Trade 21173.00 27294.00 USD Million Jan 2022
Current Account 18600.00 37500.00 USD Million Mar 2023
Current Account to GDP 10.30 6.80 percent of GDP Dec 2022
Imports 27384.00 22010.00 USD Million Mar 2023
Exports 39729.00 29516.00 USD Million Mar 2023
External Debt 357.90 381.80 USD Billion Mar 2023
Capital Flows 34615.45 45763.27 USD Million Dec 2022
Remittances 610.00 600.00 USD Million Dec 2021
Oil Exports 32794.00 30245.00 USD Million Dec 2021
Foreign Direct Investment 13120.00 15992.00 USD Million Dec 2021

Russia Current Account
Current Account is the sum of the balance of trade (exports minus imports of goods and services), net factor income (such as interest and dividends) and net transfer payments (such as foreign aid).
Actual Previous Highest Lowest Dates Unit Frequency
18600.00 37500.00 77200.00 -3774.00 1994 - 2023 USD Million Quarterly
Current Prices, NSA

News Stream
Russia Current Account Narrows Sharply in Q1
Russia’s current account surplus narrowed sharply to USD 18.6 billion in the first quarter of 2023 from USD 69.5 billion in the corresponding period of the previous year, according to preliminary estimates. It was the lowest surplus since 2016, underscoring the large extent of narrowing of the Russian current account since hitting its record-high of USD 77.2 billion in Q2 2022, as Western sanctions and global recession concerns pressured prices of Moscow’s key oil and gas sales. Goods exports sank by 35% to USD 100.8 billion, more than halving the goods account surplus to USD 29 billion from USD 83 billion in the corresponding period of the previous year. In the meantime, the services account maintained a steady deficit of RUB 4.9 billion. Also, the aggregate primary and secondary gap narrowed slightly to RUB 5.5 billion, largely due to lower dividends declared by Russian companies.
2023-04-11
Russian Current Account Narrows Sharply in Q4
Russia’s current account surplus narrowed to USD 31.4 billion in Q4 of 2022 from USD 35.5 billion in the corresponding period of the previous year, according to preliminary estimates. It was a sharp decline from the record high USD 76.7 billion in Q2 of the year, as the EU’s oil embargo, the G7’s price cap on oil export services, and Moscow’s halt of natural gas exports to Europe suppressed the goods exports. Meanwhile, sweeping sanctions from the West kept imports below pre-invasion levels. Still, the surplus hit a record high of USD 227.4 billion in 2022, up 86% from 2021 as imports fell and export revenues remained strong on higher oil and gas prices despite Western efforts to isolate the Russian economy.
2023-01-17
Russia Current Account Widens in Q3
Russia’s current account surplus widened to USD 51.9 billion in the third quarter of 2022 from USD 47 billion in the corresponding period of the previous year, according to a preliminary estimate. While remaining high in historical standards, the surplus was a sharp decrease from the upwardly revised record-high from the previous quarter, as Moscow’s halt of natural gas supplies and the EU’s unwillingness to purchase Russian oil suppressed the goods surplus. Still, sweeping sanctions from the West on Moscow kept imports well below pre-invasion levels. The goods and services aggregate surplus rose to USD 68.4 billion from USD 47.4 billion in the prior year in the third quarter, but narrowed sharply from the USD 90.3 billion from the second quarter.
2022-10-11