The Central Bank of Russia published its quarterly information and analytical commentary on Russia’s balance of payments, reporting that the current account surplus decreased in 2024 Q4 as exports contracted and imports expanded. Export values declined as global oil prices fell and Russia reduced oil production under OPEC+ agreements. Import values rose year on year, supported by stronger domestic demand.
Central Bank of Russia 2025-01-30
Central Bank of Russia reports narrower fourth quarter current account surplus as exports fall on lower oil prices
The Central Bank of Russia reported a decrease in the current account surplus for Q4 2024, attributed to contracting exports and expanding imports. Export values fell due to declining global oil prices and reduced oil production under OPEC+ agreements, while imports increased year on year, driven by stronger domestic demand.