Russia Current Account Hits Record on Surging Energy Exports
- Exports, imports decline a bit from first quarter levels
- Huge cash inflow has helped Kremlin weather sanctions pain
A Russian national flag flies above the headquarters of Russia's central bank in Moscow, Russia.
Photographer: Alexander Zemlianichenko Jr/BloombergRussia’s current account surplus hit a record of $70.1 billion in the second quarter of the year, as surging revenues from energy and commodity exports helped offset the impact of US and European sanctions imposed over President Vladimir Putin’s invasion of Ukraine.
The current-account surplus, the broadest measure of trade in goods and services, was the widest since at least 1994, according to data released by the central bank Monday. A collapse in imports driven by the sanctions contributed to the surplus, which has emerged as a key economic lifeline for the Kremlin as the US and its allies try to isolate it. For the first six months of 2022, the surplus reached $138.5 billion, the central bank said.