The Central Bank of Russia published an information and analytical commentary on Russia’s balance of payments showing that the trade surplus in 2025 Q4 was lower year on year, contributing to a narrower current account surplus. Goods exports declined while imports remained broadly stable compared with 2024. The fall in export value reflected lower global prices for oil, gas and coal, as well as reduced Russian supplies of certain fuels, partially offset by increased exports of other products. The deficit in the balance of services widened because services imports grew more than exports, mainly due to higher foreign travel expenses by Russian tourists.
Central Bank of Russia 2026-02-19
Central Bank of Russia reports narrower 2025 Q4 trade surplus as energy exports fall and services deficit widens
The Central Bank of Russia reported a year-on-year decrease in the trade surplus for Q4 2025, leading to a narrower current account surplus. Goods exports fell due to lower global prices for oil, gas, and coal, and reduced Russian fuel supplies, while imports remained stable. The services balance deficit widened as services imports, particularly from foreign travel, increased more than exports.