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Russia’s Export Windfall Catapults Key Trade Barometer to Record

  • Current-account surplus is biggest in decades thanks to export
  • Imports plunge as sanctions and ruble weakness cripple demand
Updated on

Russia recorded the largest current-account surplus since at least 1994, as revenues from oil and gas exports surged and imports plunged after the U.S. and its allies imposed sanctions over President Vladimir Putin’s invasion of Ukraine.

The proceeds have become a critical source of hard currency during the war, enabling authorities to pay for imports, support the economy and restore confidence in the ruble.