According to the preliminary estimates of the Bank of Russia, the current account surplus of the balance of payments of the Russian Federation in January-May 2022 continued to grow and amounted to USD 110.3 billion, an increase of almost 3.5 times compared to the corresponding period last year.
Prior to the start of Russia’s special military operation in Ukraine in January-February 2022, the current account amounted to 39.2 billion US dollars, and the positive trade balance was 46.2 billion US dollars. In January-May 2022, the current account amounted to 110.3 billion US dollars, an increase of 70 billion in 3 months. The balance of goods and services amounted to 124.3 billion US dollars increased by 78 billion in 3 months. The dynamics of the current account of the balance of payments was determined by the expansion of the positive balance of goods and services as a result of a significant increase in exports with a decrease in imports.
Prior to Russia’s special military operation in Ukraine, the highest current account was in Q4. 2021 at the level of 46.6 billion and three more times in 25 years were approaching the value of 40 billion per quarter: 1 sq. 2008 amounted to 38 billion, 1 sq. 2012 indicator increased by 39.2 billion, 4 quarter. 2018 was 39 billion. The trade balance in the 4th quarter of 2021 was 62.2 billion, today it is 78 billion in 3 months, before that it balanced about 50 billion twice in the 1st quarter of 2012 -50.5 billion and in the 4th quarter of 2018 – 50.8 billion. The positive balance of the financial account of the balance of payments was the result of an increase in financial assets and a less significant decrease in liabilities.
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