In the second quarter of 2022, Russia’s current account surplus reached $70.1 billion, the highest since at least 1994, according to data from the Russian Central Bank released on Monday.
Exports fell to $153.1 billion from $166.4 billion in the first quarter, but imports saw a steeper decline, falling to $72.3 billion from $88.7 billion. For the first six months of the year, the current account surplus reached $138.5 billion, the central bank announced.
Rising energy prices and commodity exports have bolstered Moscow’s finances even as Western nations imposed sanctions amid the war in Ukraine. Meanwhile, imports have been falling as the US and its allies have tried to isolate the Russian economy from the global financial network.
“The growing trade surplus speaks volumes about what’s going well for Russia, from high commodity prices to sustained demand from many export partners,” economist Scott Johnson told Bloomberg. “But it’s also a symptom of disaster, with the drop in imports sowing disruptions across the economy.”
In May, the IEA said the Kremlin was earning roughly $20 billion a month from oil sales as high crude prices boosted export earnings by 50 percent.
Meanwhile, Russia’s tight capital controls have made the ruble the best-performing currency against the dollar this year, despite having fallen to less than a penny at the start of the Ukraine war.
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