The Central Bank of Russia published a quarterly balance of payments commentary indicating that both exports and imports declined year on year in 2025 Q1, leading to a lower current account surplus. Exports fell due to lower global oil and coal prices, reduced oil production, and the termination of gas transit to Europe. Imports decreased amid the impact of an increased recycling fee and higher interest rates, with the value of imports falling by less than exports, which contributed to the narrowing of the current account surplus.
Central Bank of Russia 2025-04-17
Central Bank of Russia reports a year-on-year fall in exports and imports and a smaller current account surplus in 2025 Q1
The Central Bank of Russia's quarterly balance of payments commentary for Q1 2025 shows a decline in both exports and imports, resulting in a reduced current account surplus. Export reductions were driven by lower global oil and coal prices, decreased oil production, and the end of gas transit to Europe. Imports fell due to an increased recycling fee and higher interest rates, though less sharply than exports.