Russia Current Account Surplus Jumps to Record Despite Sanctions
- Oil, gas exports keep cash flowing in as sanctions hit imports
- Surplus surges to highest since 1994 on energy inflows
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Russia’s current account surplus more than tripled in the first four months of the year to $95.8 billion, the central bank said, as prices surged for its oil and gas exports and imports plunged under the weight of sanctions imposed by the US and its allies over President Vladimir Putin’s invasion of Ukraine.
The surplus on the current account, the broadest measure of trade in goods and services, was the highest since at least 1994. The figure in first four months of last year was $27.5 billion.