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National flag flies over the Russian Central Bank headquarters in Moscow, Russia. File.
| Photo Credit: Reuters
Russia’s current account surplus more than doubled to $225.7 billion in January-November from $108.6 billion in the same period last year, the central bank said on Friday.
This year, Russia is on track to post a record high current account surplus after its imports of goods and services fell due to Western sanctions while globally high commodity prices boosted its export revenues.
Exports rather than import compression are responsible for the majority of the rise, the Institute of International Finance has said.
“A sharp reduction in the imports of goods in (the second) quarter (of) 2022 was replaced by their gradual recovery in the following months of the current year,” the central bank said.
Imports are gradually recovering as Russia develops new markets and as an oil price cap and export embargo kick in, the surplus will likely decline in 2023.
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